Allegiant Acquisition

Allegiant completed its $1.5 billion acquisition of Sun Country, creating a larger low-cost airline with about 195 aircraft and over 650 routes.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Allegiant Air completed its acquisition of Sun Country Airlines after receiving regulatory

00:07and shareholder approvals, according to AP. The final deal is valued at about $1.5 billion,

00:14including debt. Allegiant CEO Gregory Anderson said the combined airline is positioned to expand

00:20affordable travel options. The deal closes during a difficult period for budget airlines

00:25as rising jet fuel costs tied to the war in the Middle East increased fares and fees across the

00:30industry. Spirit Airlines shut down on May 2nd after struggling with fuel costs, debt and cash flow

00:36problems. Allegiant and Sun Country said the merger expands revenue opportunities through passenger

00:41flights, Amazon cargo operations and charter services. The combined airline will operate about

00:46195 aircraft across nearly 175 cities and more than 650 routes. For all things money,

00:54visit Benzinga.com.