By TOM HAYESThe Associated PressReutersAUSTIN, Texas (AP) The Texas Airline Corp. has completed a deal to acquire SkyWest Airlines from Delta Air Lines Inc. in a deal valued at more than $50 billion.
The deal, approved by the Texas Public Policy Foundation on Friday, clears the way for Texas to begin accepting new flights and overhauls its fleet.
The deal is expected to close within weeks, though a final outcome will be determined by the end of next year.
The acquisition, which Delta agreed to pay nearly $1.6 billion for in October, is expected give Texas a major presence in the airline industry.
It would also allow Delta to expand its presence in Texas, which is experiencing its largest recession in more than 40 years and a national shortage of flights.
Delta said in a statement that it will invest $5 billion over the next decade to upgrade its network and make the airline a global leader.
Delta’s stock is up 1.6% this year to $41.80.