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Investing.com -- Republic Airways and Mesa Air Group Inc (NASDAQ:MESA). have announced an all-stock merger, forming a regional airline with an expanded fleet for servicing routes.
The financial terms of the deal, which was announced on Monday, were not disclosed.
The merged entity will operate under the name Republic Airways Holdings Inc. and will have a single fleet of around 310 Embraer 170/175 aircraft. It will continue to service American Airlines (NASDAQ:AAL), Delta, and United Airlines, with over 1,250 daily departures.
The company plans to retain all flight crews, technicians, and other operational staff.
Republic Airways Holdings Inc. will be listed on the Nasdaq under the new ticker symbol "RJET." The board of the combined company will consist of six directors from Republic’s board and one independent director from Mesa’s board.
After the transaction closes, Republic shareholders will own 88% of the combined company’s stock. Mesa shareholders will own between 6% and 12% of the combined company, depending on the fulfillment of certain pre-closing criteria.
All of Mesa’s outstanding debt obligations will be cleared as a result of the transaction.
The deal has been approved by the boards of both companies and is expected to close in either late third or early fourth quarter. However, it still requires approval from the shareholders of both companies.
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