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American Airlines and US Airways announce merger agreement

Tags: investors,
American Airlines and US Airways announce merger agreement

American Airlines and US Airways announce merger agreement

AMR Corporation, the parent company of American Airlines Inc and US Airways Group Inc have announced that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will combine to create a premier global carrier.

The new carrier will have an implied combined equity value of approximately $11bn.

The airlines said that the merger will offer benefits to both customers, communities, employees, investors and creditors.

Thomas Horton, chairman, president and chief executive officer of American Airlines will serve as chairman of the combined airline's board of directors through its first annual meeting of shareholders.

Doug Parker, chairman and CEO of US Airways, will serve as chief executive officer and a member of the board of directors. 

"Today, we are proud to launch the new American Airlines - a premier global carrier well equipped to compete and win against the best in the world," said Horton.

"Together, we will be even better positioned to deliver for all of our stakeholders, including our customers, people, investors, partners, and the many communities we serve. 

"The combination of American and US Airways brings together two highly complementary networks with access to the best destinations around the globe and gives us a strong platform to provide our customers the most connected, comfortable travel experience available"

Parker added: "American Airlines is one of the world's most iconic brands.  The combined airline will have the scale, breadth and capabilities to compete more effectively and profitably in the global marketplace. 

"Our combined network will provide a significantly more attractive offering to customers, ensuring that we are always able to take them where they want to travel, when they want to go." 

Tags: investors,