SkyWest Agrees To $133 Million Deal For ExpressJet
August 04 2010 - 8:16AM
Dow Jones News
SkyWest Inc. (SKYW), the largest U.S. regional airline operator,
on Wednesday announced plans to acquire a Houston-based rival in a
move that lines up the commuter operations of merger partners
Continental Airlines Inc. (CAL) and UAL Corp.'s (UAUA) United
Airlines.
Utah-based SkyWest reached an agreed $133 million all-cash deal
to acquire the parent of ExpressJet Airlines, the largest provider
of regional services to Continental. SkyWest is already a large
provider of commuter flights to United, as well as Delta Air Lines
Inc. (DAL).
The U.S. network airlines have sold or spun off almost all of
their regional operations, subcontracting flying from operators
like SkyWest, which plans to combine ExpressJet with the Atlantic
Southeast Airlines business it acquired from Delta.
SkyWest is offering $6.75 a share for each share in ExpressJet
Holdings Inc. and aims to close the deal in the fourth quarter.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com
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