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Sun, Aug 02, 2009

Republic Airways Completes Midwest Acquisition

Midwest Will Continue Under Existing Brand

Republic Airways Holdings  completed its acquisition of Milwaukee-based Midwest Airlines from TPG Capital, a Ft. Worth, Texas-based private equity firm, late Friday. As a wholly owned subsidiary of Republic Airways Holdings, Midwest will continue to operate as a branded carrier.

“We’re excited about the opportunities this merger creates for our Midwest employees and our customers,” said Bryan Bedford, chairman, president and chief executive officer of Republic Airways. “We respect and admire the unique brand and service legacy that Midwest has built over the past 25 years and appreciate the special bond Midwest has with its customers and the communities it has faithfully served. We also understand the past two years have strained that bond. However, today marks our recommitment to redelivering on the brand promise of providing ‘The best care in the air.’ For our part, we look forward to bringing operational and cost efficiencies to Midwest, and working together as strategic partners to grow Midwest.”

On June 23, 2009, Republic announced that it had reached agreement with TPG Capital to acquire 100% of the equity of Midwest Airlines. Republic paid TPG $6 million in cash and has issued a $25 million five-year note, which may be converted to RJET stock at $10 per share.

FMI: www.rjet.com

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