Hawaiian Holdings (NASDAQ:HA) has completed its merger with Alaska Air Group.
As per the terms of the agreement and plan of merger, each outstanding share of Hawaiian Holdings' common and preferred stock has been converted into the right to receive $18 in cash.
With the merger completed, Hawaiian Holdings will now operate as a wholly-owned subsidiary of Alaska Air Group.
"This is a historic day for Alaska Airlines as we officially join with Hawaiian Airlines," said Ben Minicucci, CEO of Alaska Air Group.
"We look forward to inviting more guests on board to experience what makes both brands unique."
Post-merger, Hawaiian's stock will no longer be traded on NASDAQ.
Following the announcement, Hawaiian Holdings' share price rose over 4% to $18 during early trading sessions.