Allegiant to acquire Sun Country Airlines for $1.5B

Allegiant to acquire Sun Country Airlines for $1.5B

Low-cost airline Allegiant will acquire Sun Country Airlines in a deal valued at about $1.5 billion, including debt, the firms said on Sunday.

As a part of the settlement, Sun Country shareholders will obtain 0.1557 Allegiant shares and $4.10 in money for each share, valuing the inventory at $18.89, representing a premium of about 19.8% to its Friday shut of $15.77.

The deal will add more locations across the US and worldwide markets to the company’s network. ZUMAPRESS.com

The deal will broaden the mixed company’s network, including more locations across the US and worldwide markets. The fleet will embody about 195 plane, with further orders and choices.

The mixed company, which shall be headquartered in Las Vegas, is predicted to generate $140 million in annual synergies by the third 12 months after closing, and the transaction shall be accretive to earnings per share in the first 12 months. The deal is predicted to shut in the second half of 2026.

The deal is predicted to shut in the second half of this 12 months. REUTERS

Upon closing, Allegiant and Sun Country shareholders will personal about 67% and 33% respectively of the mixed company.

Allegiant CEO Gregory Anderson will lead the mixed company as chief govt officer, while Robert Neal will function president and chief monetary officer. Sun Country CEO Jude Bricker will be a part of the board of administrators.

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