推 starbuckser0:西南真的會接下B717嗎？ 很快會出清吧.... 09/28 00:51
推 AdPiG:出清出不完吧... AirTran不是最多717的嗎 09/28 01:07
→ cchris:AirTran有86架717,佔市場上717總數量的超過一半 09/28 01:17
http://www.businessweek.com/news/2010-09-27/southwest-agrees-to-buy-airtran-for
-1-4-billion.html
（短網址）http://tinyurl.com/36ljjch
大意是說西南要買下AirTran，取得亞特蘭大這個重要的點。
Sept. 27 (Bloomberg) -- Southwest Airlines Co., the largest U.S. low-fare
carrier, agreed to buy AirTran Holdings Inc. for about $1.4 billion in cash
and stock, giving it access to Atlanta, the world’s busiest airport.
The offer values Orlando, Florida-based AirTran at $7.69 a share, 69 percent
more than its closing price on Sept. 24, Southwest said today in a statement.
The transaction price includes AirTran’s convertible notes.
Atlanta, AirTran’s biggest hub, is the largest U.S. market Dallas-based
Southwest doesn’t already serve. The purchase is Southwest’s largest in at
least five years, according to Bloomberg data, and fulfills its goal of
adding flights to Mexico and the Caribbean. The acquisition also expands its
presence at New York’s LaGuardia and Boston’s Logan airports.
“It’s a perfect fit,” said Ray Neidl, an analyst at Maxim Group LLC in New
York who doesn’t rate the stocks. “This fills a big hole in the southeast
for Southwest, and they’re getting a very good asset while also eliminating
a competitor that would have overlapped with them eventually.”
In the past five years, the U.S. airline industry has seen nine acquisitions
of publicly traded companies with an average premium of 34 percent, according
to data compiled by Bloomberg. Southwest is paying 5.4 times AirTrans
earnings before interest, tax, depreciation and amortization, compared with
the median multiple of 4.8.
This is the first acquisition in at least the past five years for Southwest,
according to data compiled by Bloomberg.
Shares Advance
Southwest rose 47 cents, or 3.8 percent, to $12.75 at 9:56 a.m. in New York
Stock Exchange composite trading. Before today, the shares had advanced 7.4
percent this year. AirTran jumped $2.64, or 58 percent, to $7.19. Through
Sept. 24, its shares had dropped 13 percent this year.
The acquisition “takes a significant step toward positioning us for future
growth,” Southwest Chief Executive Officer Gary Kelly said in the statement.
The merger announcement comes as United Airlines parent UAL Corp. merges with
Continental Airlines Inc., creating the world’s biggest carrier.
The purchase will put Southwest in direct competition with Delta Air Lines
Inc. at its main hub in Atlanta, where it controls about 75 percent of
passengers, according to the U.S. Bureau of Transportation Statistics.
AirTran is second-largest, with 19 percent.
Atlanta, New York
AirTran is also the fifth-largest airline at New York’s LaGuardia airport
with 5.3 percent of passengers; and it has a dozen flights a day to Washington
’s Ronald Reagan National Airport.
Under the agreement, each of AirTran’s common shares will be exchanged for
$3.75 in cash and 0.321 shares of Southwest common stock. Including AirTran
debt and capitalized aircraft operating leases, the transaction has a total
value of about $3.4 billion, the airlines said.
AirTran’s debt as of June 30 included about $280 million in convertible
notes, according to a July regulatory filing.
Southwest will partially fund the purchase with $670 million from its cash on
hand. The carrier has $3.3 billion in cash and short-term investments, and an
available $600 million revolving credit line.
The combined carrier will have 43,000 employees and will serve more than 100
airports in the U.S., Mexico and the Caribbean.
The combination will add Boeing Co.’s 717 to Southwest’s fleet of Boeing
737s. The fleet will total 685 active aircraft.
Citigroup Global Markets Inc. and Dahlman Rose & Co. served as financial
advisers to Southwest Airlines. Vinson & Elkins LLP acted as legal counsel.
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