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Allegiant Travel Company (NASDAQ: ALGT) announced on Sunday that it has reached a definitive agreement to acquire Sun Country Airlines (NASDAQ: SNCY) in a cash-and-stock transaction valued at approximately $1.5 billion, including net debt. The deal highlights the ongoing consolidation trend in the U.S. airline industry as carriers seek greater scale, network flexibility, and operational efficiencies, particularly in the leisure travel segment.
Under the terms of the agreement, Sun Country shareholders will receive 0.1557 shares of Allegiant stock along with $4.10 in cash for each Sun Country share. This consideration values Sun Country at $18.89 per share, representing a premium of nearly 20% compared to its closing price on January 9. Following the completion of the transaction, Allegiant shareholders are expected to own about 67% of the combined company, while Sun Country shareholders will hold the remaining 33%.
The merger will create a larger leisure-focused airline serving approximately 22 million passengers annually across nearly 175 cities. The combined route network will include more than 650 routes, supported by a fleet of around 195 aircraft. By combining their complementary networks and operational strengths, Allegiant and Sun Country aim to strengthen their positions in the highly competitive low-cost and leisure airline market.
Both companies stated that the transaction is expected to generate around $140 million in annual cost and revenue synergies by the third year after closing. The merger is also projected to be accretive to earnings within the first year, a key consideration for investors closely watching airline consolidation deals. Allegiant will remain the parent company, and its current CEO, Gregory Anderson, will lead the combined airline following the merger.
The transaction is anticipated to close in the second half of 2026, subject to regulatory approvals and shareholder votes. If completed, the deal would mark one of the more significant airline mergers in recent years, potentially reshaping the U.S. leisure travel landscape and offering expanded options for budget-conscious travelers.
