Allegiant to buy Sun Country in $1.5B deal reshaping budget travel

Low-cost airline Allegiant will acquire Sun Country Airlines in a deal valued at about $1.5 billion, including debt, the companies said on Jan. 11.

As part of the agreement, Sun Country shareholders will receive 0.1557 Allegiant shares and $4.10 in cash for each share, valuing the stock at $18.89, representing a premium of about 19.8% to its Friday close of $15.77.

If the Trump administration approves the merger, the combined airline will operate under the Allegiant brand. It will have around 195 aircraft in its fleet and expects to serve about 175 cities across more than 650 routes, according to a press release from Allegiant.

Read more from USA Today.