It’s official: Alaska Air is buying Virgin America for about $4 billion.
In a statement Monday, Alaska Air said it will buy Virgin America for $57 per share in cash.
“With an expanded West Coast presence, a larger customer base, and an enhanced platform for growth, Alaska Airlines will be positioned to provide more choices for customers, increase competition and deliver attractive returns to investors,” the statement said.
Virgin America shares surged 32% in pre-market trading.
More to come …
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.