Home / Business and Economy / Allegiant Buys Sun Country: More Routes Ahead
Allegiant Buys Sun Country: More Routes Ahead
12 Jan
Summary
- Sun Country shareholders get Allegiant stock and cash.
- The deal offers a 19.8% premium over Sun Country's closing price.
- The combined airline will serve over 650 routes, including international.
Allegiant Air has finalized its acquisition of Sun Country Airlines. Under the terms of the agreement, Sun Country's shareholders are set to receive 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share they hold. This offer signifies a substantial premium, calculated at 19.8% above Sun Country's closing share price as of Friday.
The integration of these two airlines is poised to create a more robust travel network. The combined entity will provide passengers access to an impressive array of over 650 routes. This expanded offering includes 18 distinct international destinations located in Mexico, Canada, the Caribbean, and Central America.
Gregory C. Anderson, Chief Executive Officer of Allegiant, expressed enthusiasm for the merger. He stated that the complementary networks of both airlines will significantly enhance their reach, opening up more vacation destinations, including coveted international locales, for travelers.
