M&A · Industrials · Air Transportation, Scheduled
Allegiant Travel Co to acquire Sun Country Airlines Holdings, Inc.
Announced Jan 12, 2026 · Closed May 13, 2026
Deal value$1.50BEV $1.19B
Premium19.8%To unaffected price
EV / Adj. EBITDA5.6x1.1x EV / Revenue
ConsiderationCash and stock$18.89 per share
Transaction
- Acquirer
- Allegiant Travel Co (ALGT)
- Target
- Sun Country Airlines Holdings, Inc. (SNCY)
- Buyer type
- Strategic
- Offer price per share
- $18.89
- Enterprise value
- $1.19B
- Status
- Closed May 13, 2026
Deal protections
- Break fee (target pays)
- $33.0M · 2.2%
- Reverse fee (buyer pays)
- $52.2M · 3.5%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Barclays
- To the target
- Goldman Sachs
- Barclays fee
- $3.0M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- 19.8% vs. 38.0% sector median
- EV / Adj. EBITDA
- 5.6x vs. 9.9x sector median
- Break fee
- 2.2% vs. 2.7% sector median
Timeline
- AnnouncedJan 12, 2026
- Proxy filedMar 31, 2026
- Definitive proxyMar 31, 2026
- Shareholder voteMay 8, 2026
- ClosedMay 13, 2026
Valuation · fairness opinions
Trading comparablesBarclays$85.00$115.00
Trading comparablesBarclays$107.00$145.00
Trading comparablesBarclays$12.00$16.00
Trading comparablesBarclays$15.00$20.00
Trading comparablesBarclays$79.00$123.00
Discounted cash flowGoldman Sachs$18.70$22.90
Discounted cash flowGoldman Sachs$21.70$30.75
Future share priceGoldman Sachs$8.50$20.75
Future share priceGoldman Sachs$9.60$20.40
Premiums paidGoldman Sachs$24.30$30.45
Offer $18.89
Implied value per Sun Country Airlines Holdings, Inc. share by analysis, from Barclays and Goldman Sachs.