AirTran shareholders approve $1.4 billion sale to Southwest Airlines

AirTran shareholders approve $1.4 billion sale to Southwest Airlines

2011-03-24 20:40:10 GMT+7 (ICT)

ORLANDO, FLORIDA (BNO NEWS) -- AirTran Airways announced that its shareholders approved its $1.4 billion sale to Southwest Airlines, with more than 98.6 percent of the votes cast and 77.5 percent of shares outstanding were voted in favor of the transaction.

Southwest and AirTran announced they will continue to operate as two independent companies until the transaction is cleared by the U.S. Department of Justice. The transaction is expected to close in the second quarter of the year.

The airlines had previously announced that the deal had entered into a definitive agreement last September.

"We are grateful for our stockholders' strong vote of confidence in this merger," said Bob Fornaro, AirTran's chairman, president and chief executive officer. "In approving the transaction, our stockholders recognized the value of bringing together AirTran and Southwest to create a platform for increased profitability and sustainable long-term value."

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