Overview
- Sun Country shareholders will receive 0.1557 Allegiant shares plus $4.10 in cash per share, valuing their stock at $18.89, a roughly 19.8% premium to the prior close.
- The combined airline plans roughly 195 aircraft serving about 22 million passengers across nearly 175 cities and more than 650 routes under the Allegiant brand with headquarters in Las Vegas and a significant Minneapolis–St. Paul presence.
- Allegiant CEO Gregory C. Anderson will lead the combined company, Robert Neal will serve as president and chief financial officer, and Sun Country CEO Jude Bricker will join the board.
- Ownership at closing is expected to be approximately 67% Allegiant shareholders and 33% Sun Country shareholders, with management targeting about $140 million in annual synergies by year three and EPS accretion in year one.
- Both airlines will operate separately until a single FAA operating certificate is obtained, and executives scheduled an investor call for Monday morning to brief stakeholders on the deal.