Fri, Feb 01, 2008
Arrangement Passes Regulatory Muster
With little fanfare, federal antitrust regulators Wednesday
signed off on the sale of Midwest Air Group Inc. to a private
equity firm and Northwest Airlines.
Midwest Air Group of Oak Creek, WI agreed last year to be
acquired by TPG Capital, a Fort Worth, TX private equity firm, for
$452 million. The transaction is being backed financially by
Midwest's Eagan-based rival, Northwest Airlines.
All parties involved closed the deal Thursday, shortly after the
approval was announced.
"We’re looking forward to capitalizing on TPG’s
considerable experience in the airline industry to help us continue
to meet — and exceed — the expectations of the
traveling public," said Midwest chairman and CEO Timothy Hoeksema,
according to The Wichita Business Journal.
As ANN reported, Midwest
management agreed to TPG's $17-per-share buyout offer in August
2007, putting a final end to repeated attempts by rival AirTran
Airways to force a hostile takeover. Shareholders approved the
offer in October, but the US Department of Justice requested
additional information.
Under terms of the deal, Northwest will maintain a 47 percent
interest in the entity created to acquire Midwest, but will have no
right to exert any management control over the airline -- an
arrangement which apparently satisfied regulators.
Northwest operates three daily flights to Memphis and two daily
flights to Minneapolis using carrier Pinnacle Airlines.
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