Posted on: August 2, 2009 by PEHub AdministratorNo Comments »
ATLANTA (Reuters) – Republic Airways Holdings (RJET.O), which faces competition from Southwest Airlines Co (LUV.N) as it seeks to acquire bankrupt Frontier Airlines (FRNTQ.PK), said on Friday that it completed the acquisition of Midwest Airlines from Texas private equity group TPG Capital. Indianapolis-based Republic said it paid TPG $6 million in cash and has issued [...]
Posted on: June 23, 2009 by PEHub AdministratorNo Comments »
CHICAGO (Reuters) – Republic Airways Holding Inc. said on Tuesday it would buy Midwest Airlines from private equity group TPG Capital for $6 million in cash and a $25 million note.
In addition to getting all of Midwest’s equity, Republic will receive TPG’s $31 million secured note.
After the completion of the deal, TPG may convert its $25 million five-year note to RJET stock at $10 per share. TPG also will have the right to nominate a member to Republic’s board of directors.
The deal comes a day after Republic said it would buy bankrupt U.S. regional carrier Frontier Airlines Holdings Inc (FRNTQ.PK) for $108.75 million.
“This acquisition will enhance the strategic positioning of Republic Airways,” Republic Chief Executive Bryan Bedford said of the Midwest purchase.
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