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Delta Sells Regional Carrier To Raise Cash |
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August 16, 2005
As part of the deal, Delta will enter into two new Delta Connection agreements under which ASA and SkyWest Airlines will continue to serve as Delta Connection regional carriers through 2020. Delta said its agreement with ASA includes strong incentives for ASA to meet or exceed specific performance benchmarks and enhance cost efficiency. Current plans are for ASA and SkyWest Airlines to operate as wholly owned subsidiaries of SkyWest, Inc. As a result, Delta said the sale transaction is not expected to result in any significant changes in ASA’s flight schedules or locations served. Since the time of Delta’s purchase in 1999, ASA has more than doubled in size, adding more than 100 new regional jets, serving 126 destinations. At the same time, ASA added nearly 3,000 employees to the Delta payroll. The company said the sale of ASA to SkyWest for a purchase price of $425 million is subject to certain closing conditions, including regulatory reviews, and is expected to close in September. As per the terms of the agreement, $350 million in cash will be payable at closing, representing $330 million of the purchase price and $20 million relating to certain aircraft financing deposits. “As we continue to implement Delta’s transformation plan, this transaction not only enhances our ability to operate our business as efficiently and cost effectively as we can, it also improves Delta’s liquidity position,” Grinstein said. Report Your Experience
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