Mesa Air Group Inc (MESA) and Republic Airways Holdings said Monday that they have entered into a definitive agreement to merge into one regional airline company in an all-stock transaction.
Financial terms of the transaction were not disclosed.
Upon closing, the combined company will be renamed Republic Airways Holdings, led by Republic's executive leadership team, and is expected to remain Nasdaq-listed under the new ticker symbol "RJET".
Upon closing, Republic shareholders will own 88% of the combined company's common shares, while Mesa shareholders will own a minimum of 6% or maximum of 12% depending upon the achievement of certain pre-closing criteria.
The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in either late Q3 or early Q4.
Republic will continue to support American Airlines, Delta Air Lines, and United Airlines under its existing capacity purchase agreements, and Mesa's operations will support United Airlines under a new 10-year agreement as a result of this transaction.
Mesa, Republic, and United Airlines also entered a three-party agreement under which Mesa will take actions to dispose of certain assets, extinguish certain liabilities and effectuate certain related transactions.
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