Republic Airways (RJET) Continues Buying Up Airline Assets, Acquires Midwest Airlines
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Republic Airways Holdings (NASDAQ: RJET) announced that it is acquiring Milwaukee-based Midwest Airlines from TPG Capital, a Fort Worth, Texas-based private equity firm.
Republic will acquire 100% of the equity of Midwest and TPG’s $31 million secured note from Midwest. Consideration will be $6 million in cash and a $25 million, five-year note, which may be converted to RJET stock at $10 per share. In addition, TPG will have the right to nominate a member to the Republic Board of Directors.
Earlier today, Republic Airways agreed to be the equity sponsor of Frontier Airlines' plan of reorganization, allowing Republic to purchase 100% of the equity in the reorganized company for $108.75 million.
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