Alaska Air Group to Acquire Hawaiian Holdings for $1.9 Billion

The deal, facing potential antitrust scrutiny, comes as Hawaiian struggles with a slow tourism rebound and the impact of recent wildfires.

Alaska Air Group Inc. has announced a $1.9 billion deal to acquire Hawaiian Holdings Inc., a move that has been met with skepticism from the market and is expected to face tough antitrust scrutiny.
The deal, code-named project 'Triggerfish', was led by Alaska Air CEO Ben Minicucci, who is known for his attention to detail and willingness to engage in tough negotiations.
Despite the market's skepticism, Minicucci has assured Hawaiian CEO Peter Ingram that he intends to retain the Hawaiian brand and its inter-island service.
The acquisition comes as Hawaiian has struggled to recover from a slow rebound in tourism from Asia to Hawaii and lower demand after the state’s wildfires in August.
The Biden administration's aggressive stance on airline mergers could pose a challenge for the deal's approval, with some expecting a lengthy review process and potential regulatory pushback.