Acquisition of Hawaiian by Alaska
COMPELLING TRANSACTION RATIONALE ACCELERATES
EXISTING STRATEGY AND DRIVES VALUE CREATION
TRANSACTION SUMMARY
BETTER, BROADER
NETWORK
LEADERSHIP IN
PREMIUM MARKET
ENHANCED
MARGIN PROFILE
ROBUST FINANCIAL IMPROVED
RETURNS
CONSUMER CHOICE
SHARED
VALUES
Adds
complementary
routes, improving
relevance and
driving higher
traffic through
combined network
and oneworldⓇ
alliance
Becomes leader in
$8B+ Hawai'i
market, one of the
most globally
attractive leisure
markets with a
historical track
record of
profitability
Addition of
another hub in a
top-25 U.S.
market, where
network density
and economies of
scale drive
increased revenue
potential
Delivers high-teens
earnings accretion
and mid-teens
ROIC, supported by
attractive valuation
and $235M of
identified synergy
opportunities with
further potential
upside
Enhanced network
utility, diversified
product offering,
and focus on high-
quality service and
operational
performance
creates a stronger
competitor to
network carriers
Combines two
companies with
shared cultures,
values, and
approaches to
service, with clear
benefits for
combined
workforce and
communities
served
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