Alaska Air agrees to buy Virgin America for US$2.6 billion
ALASKA Air Group Inc has agreed to buy Virgin America for US$2.6 billion, edging out New York's JetBlue Airways' interest in Richard Branson, reports Bloomberg.
The deal bolsters Alaska Air's main west coast business while opening up key airports in New York and Washington.
Alaska Air will pay $57 a share for Virgin America stock, with the deal worth about $4 billion including debt and capitalised aircraft operating leases, the Seattle-based company said Monday.
"We've been thinking about an acquisition for a couple of years," Alaska CEO Brad Tilden said in a conference call.
"We're confident in our ability to do well with this." The company secured the deal after a "hard fought competition."
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