M&A · Industrials · Air Transportation, Scheduled
Alaska Air Group, Inc. to acquire Hawaiian Holdings Inc
Announced Dec 3, 2023 · Closed Sep 18, 2024
Deal value$1.90BEV $1.90B
Premium270.0%To unaffected price
EV / Adj. EBITDA—0.7x EV / Revenue
ConsiderationAll cash$18.00 per share
Transaction
- Acquirer
- Alaska Air Group, Inc. (ALK)
- Target
- Hawaiian Holdings Inc (HA)
- Buyer type
- Strategic
- Offer price per share
- $18.00
- Enterprise value
- $1.90B
- Status
- Closed Sep 18, 2024
Deal protections
- Break fee (target pays)
- $39.5M · 2.1%
- Reverse fee (buyer pays)
- $100M · 5.3%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities, PJT Partners
- To the target
- Barclays
- Barclays fee
- $3.0M
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 270.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 10.8x
- Break fee
- 2.1% vs. 2.9% sector median
Timeline
- AnnouncedDec 3, 2023
- Proxy filedDec 28, 2023
- Definitive proxyJan 9, 2024
- Shareholder voteFeb 16, 2024
- ClosedSep 18, 2024
Valuation · fairness opinions
Trading comparables$5.00$12.00
Discounted cash flow$3.00$14.00
Analyst price targets$3.00$5.00
Offer $18.00
Implied value per Hawaiian Holdings Inc share by analysis, from Barclays.