20 04 2016

Alaska Air Group, Inc. acquires Virgin America Inc. for $4 billion

O’Melveny, Latham & Watkins LLP, Mayer Brown and Gibson Dunn & Crutcher, have advised on the deal

Alaska Airlines, and Virgin America Inc. have unanimously approved a definitive merger agreement, under which Alaska Air Group will acquire Virgin America for $57.00 per share in cash. Including existing Virgin America indebtedness and capitalized aircraft operating leases, the aggregate transaction value is approximately $4.0 billion. With an expanded West Coast presence, a larger customer base, and an enhanced platform for growth, Alaska Airlines will be positioned to provide more choices for customers, increase competition and deliver attractive returns to investors.  The combination expands Alaska Airlines’ existing footprint in California, bolsters its platform for growth and strengthens the company as a competitor to the four largest U.S. airlines. Combining Alaska Airlines’ well-established core markets in the Pacific Northwest and the state of Alaska with Virgin America’s strong foundation in California will make Alaska Airlines the go-to airline for the more than 175,000 daily fliers in and out of Golden State airports, including San Francisco and Los Angeles. BofA Merrill Lynch and UBS Investment Bank acted as lead financial advisers to Alaska Air. Evercore Group LLC acted as financial adviser to Virgin America. O’Melveny has advised Alaska Air with a team including Andor Terner (Picture), Paul Scrivano, John Raney Tania Moayedi, Michael Reynolds, Brennen Brodersen, Jessica Lee (M&A), Bob Siegel, Chris Hollinger (Employment); Rich Parker, Ben Bradshaw, Courtney Dyer (Antitrust), Jeff Walbridge Warren Fox (Benefits) and Andy Dolak (IP&IT).
A Latham & Watkins LLP has advised Virgin America with a team including Tad Freese (Picture), Mark Bekheit, Matthew Van Leeuwen, Kathryn Boolukos, Nicole Fritz, Anthony Klein, Arielle Singh, Grace Chen, Jessica Chen, James Metz and Ashley Wagner.
A Mayer Brown LLP has advised Virgin America on antitrust matters with a team including Bill Stallings, Mark Ryan, Meytal McCoy, Sean McDonnell and Jessica Michaels.
Gibson Dunn & Crutcher LLP has advised UBS with a team including Barbara Becker and Emily Throop. Involved fees earner: Andor Terner - O’Melveny & Myers LLP; Paul Scrivano - O’Melveny & Myers LLP; John Raney - O’Melveny & Myers LLP; Tania Moayedi - O’Melveny & Myers LLP; Michael Reynolds - O’Melveny & Myers LLP; Brennen Brodersen - O’Melveny & Myers LLP; Jessica Lee - O’Melveny & Myers LLP; Robert Siegel - O’Melveny & Myers LLP; Chris Hollinger - O’Melveny & Myers LLP; Jeff Walbridge - O’Melveny & Myers LLP; Warren Fox - O’Melveny & Myers LLP; Richard Parker - O’Melveny & Myers LLP; Ben Bradshaw - O’Melveny & Myers LLP; Courtney Dyer - O’Melveny & Myers LLP; Andrew Dolak - O’Melveny & Myers LLP; Barbara Becker - Gibson Dunn & Crutcher; Emily Throop - Gibson Dunn & Crutcher; William Stallings - Mayer & Brown; Mark Ryan - Mayer & Brown; Meytal McCoy - Mayer & Brown; Sean McDonnell - Mayer & Brown; Jessica Michaels - Mayer & Brown; Tad Freese - Latham & Watkins; Mark Bekheit - Latham & Watkins; Matthew Van Leeuwen - Latham & Watkins; Kathryn Boolukos - Latham & Watkins; Anthony Klein - Latham & Watkins; Arielle Singh - Latham & Watkins; Grace Chen - Latham & Watkins; Jessica Chen - Latham & Watkins; James Metz - Latham & Watkins; Ashley Wagner - Latham & Watkins;

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