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Alaska Air buys Virgin America for $2.6 billion

Virgin America shares soar on Alaska Air deal

There's going to be a little less competition among airlines following a big takeover announced Monday.

Alaska Air Group has agreed to buy Virgin America for $2.6 billion, the airlines said. Alaska Air (ALK) said it will pay $57 per share, sending Virgin America (VA) stock soaring 40%. Including debt and aircraft leases, the transaction is worth about $4 billion.

The combined airline will have 1,200 daily departures, 280 aircraft, and hubs in Seattle, San Francisco, Los Angeles, Anchorage, Alaska, and Portland, Oregon.

Alaska Air was reported to be in a bidding war with JetBlue (JBLU). The acquisition marks yet another step in...


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