America West – US Airways Merger Oked
America West and US Airways have received approval from the U.S. Department of Justice for the merger, bringing the airlines closer to creating the nation’s fifth-largest airline.
On May 19, 2005, America West and US Airways announced an agreement to merge and create the first full-service nationwide airline, with a consumer-friendly pricing structure offering a network of low-fare service to more than 200 cities across the U.S., Canada, Mexico, Latin America, the Caribbean and Europe, and amenities that include a robust frequent flyer program, airport clubs, assigned seating and First Class cabin service. The airlines will operate under the US Airways brand.
When completed, the merger will be anchored by $500 million in new equity investment that has already been announced, as well as other potential equity and financing sources still under negotiation, and participation by suppliers and business partners that will provide the company with more than $1.5 billion in cash at the time of the transactions closing.
The merger remains subject to other approvals, including America West shareholders, US Airways creditors and the U.S. Bankruptcy Court, the Securities and Exchange Commission, the U.S. Department of Transportation and the Air Transportation Stabilization Board.
The two companies said today in a joint statement that they remain on track to secure all necessary regulatory approvals this summer, with the goal of closing on transaction by early fall.
Charles Kao
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