![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Republic Airways Holdings, Inc. (MM) | NASDAQ:RJET | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.31 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Republic Airways Holdings Inc. (RJET) agreed to acquire fellow regional carrier Midwest Airlines from TPG Capital for $31 million, just 17 months after the private-equity giant paid $452 million.
Since then, the airline industry has suffered from record-high fuel prices and now the ongoing slump in ticket demand.
The deal marks the second big transaction of the day for Republic, which said earlier Tuesday that it will pay $108.8 million to help connection partner Frontier Airlines Inc. (FRNTQ) emerge from bankruptcy protection.
Republic shares were recently up 47% at $6.
Private equity firm TPG took over Midwest in January 2008. The airline flirted with bankruptcy last year amid rising fuel prices, resulting in the company's slashing its work force by 40%. TPG will get $6 million in cash, a $25 million note and the ability to appoint someone to Republic's current 6-person board.
"This acquisition will enhance the strategic positioning of Republic Airways," said Chairman and Chief Executive Bryan Bedford. "Midwest has built a strong brand, a loyal base of customers and dedicated team of employees."
Republic, which will keep the Midwest brand separate, plans to expand the airline's ability to offer nonstop service with new aircraft, scrapping its Boeing 717s with Embraer 190s.
The five-year note is convertible into Republic common stock at $10 a share, which would result in 2.5 million new shares. Republic currently has about 35 million shares outstanding.
Midwest Airlines grew out of Kimberly-Clark Corp.'s (KMB) internal transportation service for executives. The consumer-products company formed K-C Aviation in 1969, providing aviation services to other companies and specializing in the meticulous customization of corporate aircraft.
In 1984, K-C Aviation and Kimberly-Clark launched Midwest Express Airlines, which became publicly traded in 1995 and shortened its name to Midwest Airlines in 2003.
-By Jay Miller, Dow Jones Newswires; 201-938-2331; jay.miller@dowjones.com
1 Year Republic Airways Holdings, Inc. (MM) Chart |
1 Month Republic Airways Holdings, Inc. (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions