This complementary combination fits strategically with Alaska Airlines’ longstanding focus on expanding options for West Coast travelers, and creates an important new global platform to further enhance Alaska Airlines’ organic growth. The transaction is expected to deliver attractive value creation for Alaska Airlines’ shareholders while providing a significant premium for Hawaiian Airlines’ shareholders.

Compelling transaction rationale


complementary top-25 U.S. market and international routes, improving relevance and driving higher traffic through combined network and oneworld Alliance


a leader in $8B+ Hawai‘i market, unlocking hub economics in one of the most globally attractive leisure markets with a historical track record of profitability


robust financial returns, with near term earnings and ROIC accretion supported by attractive valuation and identified synergy opportunities, with further potential upside


benefits and choice for guests through enhanced network utility and diversified product offering, with a focus on high-quality service and strong operational performance


two companies with shared cultures, values and approaches to service, with clear benefits for our combined workforce and communities served

Transaction overview

  • All-cash transaction of $18.00 per share for a total equity value of $1.0 billion provides a compelling premium for Hawaiian Airlines’ shareholders.
  • Transaction multiple of 0.68 times revenue, approximately one third the average of recent airline transactions.
  • Approximately $235 million of expected run-rate synergies reflect a conservative estimate of the transaction’s synergy potential; these exclude other identified upside opportunities that could be realized.
  • Expected to be accretive to earnings in the first year post-close and accretive to ROIC by year three, excluding integration costs, with returns above Alaska Airlines’ cost of capital.
  • No anticipated material impact on long-term balance sheet metrics, with return to target leverage levels expected within 24 months.

What people are saying

JP Morgan

…we’re hard-pressed to identify any facets of the deal that don’t echo our prevailing thoughts on the merits of consolidation. For those requiring a monosyllabic sound bite: this one makes sense to us.

Jamie Baker, JP Morgan

TD Cowen

This transaction makes good common sense for both airlines. For Alaska, it enables international growth in the Asia Pacific region…For Hawaiian, it enables their passengers to fly to more places…

Helene Becker, TD Cowen

Morgan Stanley

We recently moved ALK up our order of preference, largely because of their push toward premium as a domestic carrier, which went as far as taking the extraordinary step of buying HA.

Ravi Shanker, Morgan Stanley

Legal Disclaimer

Forward-Looking Statements

This website contains forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by the forward-looking statements, assumptions or beliefs and include statements relating to the anticipated benefits of the pending acquisition (the “Transaction”) of Hawaiian Holdings Inc. (“Hawaiian Holdings”); the anticipated impact of the Transaction on Alaska Air Group, Inc.’s (“Alaska Air Group”) business and future financial and operating results, cost savings, synergies and growth expected from the Transaction; the anticipated timing to close the Transaction; and considerations taken into account by Alaska Air Group’s and Hawaiian Holdings’ Boards of Directors in approving the Transaction. There can be no assurance that the Transaction will in fact be consummated. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements include but are not limited to: the possibility that Hawaiian Holdings shareholders may not approve the adoption of the merger agreement; the risk that a condition to closing of the Transaction may not be satisfied (or waived); the ability of each party to consummate the Transaction; that either party may terminate the merger agreement or that the closing of the Transaction might be delayed or not occur at all; possible disruption related to the Transaction to Alaska Air Group’s or Hawaiian Holding’s current plans or operations, including through the loss of customers and employees; the diversion of management time and attention from ongoing business operations and opportunities; the response of competitors to the Transaction; a failure to (or delay in) receiving the required regulatory clearances for the Transaction; uncertainties regarding Alaska Air Group’s ability to successfully integrate the operations of Hawaiian Holdings and Alaska Air Group and the time and cost to do so; the outcome of any legal proceedings that could be instituted against Hawaiian Holdings, Alaska Air Group or others relating to the Transaction; Alaska Air Group’s ability to realize anticipated cost savings, synergies or growth from the Transaction in the timeframe expected or at all; legislative, regulatory and economic developments affecting the business of Alaska Air Group and Hawaiian Holdings; general economic conditions including those associated with pandemic recovery; and the possibility and severity of catastrophic events, including but not limited to, pandemics, natural disasters, acts of terrorism or outbreak of war or hostilities.

For a comprehensive discussion of additional potential risk factors related to Alaska Air Group and Hawaiian Holdings, see Item 1A of the Annual Report on Form 10-K of Alaska Air Group for the year ended December 31, 2022 and Item 1A of the Annual Report on Form 10-K of Hawaiian Holdings for the year ended December 31, 2022 and the Quarterly Reports on Form 10-Q of Hawaiian Holdings for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023. All of the forward-looking statements are qualified in their entirety by reference to the risk factors identified above and the additional risk factors discussed in these filings and in subsequent filings with the Securities and Exchange Commission (the “SEC”) by Alaska Air Group and Hawaiian Holdings. Alaska Air Group and Hawaiian Holdings operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can they assess the impact, if any, of such new risk factors on the business or events described in any forward-looking statements. All forward-looking statements in this communication are based on information available to Alaska Air Group and Hawaiian Holdings as of the date of this communication. The forward-looking statements included in this communication are made only as of the date hereof. Alaska Air Group and Hawaiian Holdings each expressly disclaim any obligation to publicly update or revise any forward-looking statements made today. Over time, actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by the forward-looking statements and such differences might be significant and materially adverse.

Additional Information and Where to Find It

Hawaiian Holdings, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with the Transaction. Hawaiian Holdings plans to file a proxy statement (the “Transaction Proxy Statement”) with the SEC in connection with the solicitation of proxies to approve the Transaction.

Daniel W. Akins, Wendy A. Beck, Earl E. Fry, Lawrence S. Hershfield, C. Jayne Hrdlicka, Peter R. Ingram, Michael E. McNamara, Crystal K. Rose, Mark D. Schneider, Craig E. Vosburg, Duane E. Woerth and Richard N. Zwern, all of whom are members of Hawaiian Holdings’ board of directors, and Shannon L. Okinaka, Hawaiian Holdings’ chief financial officer, are participants in Hawaiian Holdings’ solicitation. None of such participants owns in excess of one percent of Hawaiian Holdings’ common stock. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Please refer to the information relating to the foregoing (other than for Messrs. Akins and Woerth) under the caption “Security Ownership of Certain Beneficial Owners and Management” in Hawaiian Holdings’ definitive proxy statement for its 2023 annual meeting of stockholders (the “2023 Proxy Statement”), which was filed with the SEC on April 5, 2023 and is available at Since the filing of the 2023 Proxy Statement, (a) each director (other than Mr. Ingram) received a grant of 13,990 restricted stock units that will vest upon the earlier of (i) the day prior to Hawaiian Holdings’ 2024 annual meeting of stockholders or (ii) a change in control of Hawaiian Holdings; (b) Mr. Ingram received a grant of 163,755 restricted stock units; and (c) Ms. Okinaka received a grant of 57,314 restricted stock units. In the Transaction, equity awards held by Mr. Ingram and Ms. Okinaka will be treated in accordance with their respective severance and change in control agreements. As of December 1, 2023, Mr. Ingram beneficially owns 340,964 shares and Ms. Okinaka beneficially owns 86,903 shares. The 2023 proxy statement, under the caption “Executive Compensation—Potential Payments Upon Termination or Change in Control,” contains certain illustrative information on the payments that may be owed to Mr. Ingram and Ms. Okinaka in a change of control of Hawaiian Holdings. As of December 1, 2023, (a) Mr. Woerth beneficially owns 37,389 shares and (b) Mr. Akins beneficially owns no shares. Mr. Akins received a grant of 13,990 restricted stock units that will vest upon the earlier of (a) the day prior to Hawaiian Holdings’ 2024 annual meeting of stockholders or (b) a change of control.

Promptly after filing the definitive Transaction Proxy Statement with the SEC, Hawaiian Holdings will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HAWAIIAN HOLDINGS WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Hawaiian Holdings with the SEC in connection with the Transaction at the SEC’s website ( Copies of Hawaiian Holdings’ definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Hawaiian Holdings with the SEC in connection with the Transaction will also be available, free of charge, at Hawaiian Holdings’ investor relations website (, or by writing to Hawaiian Holdings Inc., Attention: Investor Relations, P.O. Box 30008, Honolulu, HI 96820.


This website contains references or links to information published or otherwise made available by the media and other third parties. We have not sought or obtained consent from any third party to the use of any statements or information presented on this website as having been obtained or derived from statements made or published by third parties, nor have we paid for any such statements. Any such statements or information attributed to a third party should not be viewed as indicating the support of such third party for the views expressed herein.  All links to third party websites are provided for information and convenience only.  Neither Alaska Air Group nor Hawaiian Holdings are responsible for the content of those sites or the accuracy or completeness of the information on those sites.