Allegiant to Acquire Sun Country for $1.5 Billion
- completed its acquisition of Sun Country Airlines Holdings Inc.
- It focuses on leisure travel and operates primarily from smaller airports.
- Sun Country Airlines is a hybrid airline based in Minneapolis-Saint Paul, Minnesota.
Allegiant Travel Co. completed its acquisition of Sun Country Airlines Holdings Inc. on March 1, 2024, in a deal valued at approximately $1.9 billion, including the assumption of Sun Country’s debt.
Allegiant Travel Co.
Table of Contents
Allegiant Travel Co. is a low-cost airline based in Las vegas, Nevada. It focuses on leisure travel and operates primarily from smaller airports.
sun Country Airlines
Sun Country Airlines is a hybrid airline based in Minneapolis-Saint Paul, Minnesota. It offers both scheduled service and charter flights, with a focus on serving destinations popular with leisure travelers. The airline operates primarily from the Midwest.
Acquisition Details
The acquisition was initially announced on February 4, 2024, and finalized on March 1, 2024.Sun Country shareholders received 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share owned, representing a 21% premium over the closing share price on February 2, 2024. Allegiant Investor Relations
Combined Network
The combined airline network now offers over 650 routes, including 18 international destinations in Mexico, Canada, the Caribbean, and Central America. Sun Country Newsroom The merger aims to expand Allegiant’s reach and provide customers with more vacation options.