DALLAS, April 26, 2011 /PRNewswire/ -- Southwest Airlines
Co. (NYSE: LUV) and AirTran Holdings, Inc. (NYSE: AAI), the parent
company of AirTran Airways (AirTran), today announced they have
been notified by the Antitrust Division of the United States
Department of Justice (DOJ) of the termination of its
Hart-Scott-Rodino Act review and the closing of its investigation
of the airlines' pending merger.
AirTran stockholders approved the acquisition of AirTran by
Southwest Airlines on March 23, 2011,
which, when combined with DOJ approval and other regulatory
clearances, constitutes one of the final steps toward closing the
transaction. Southwest said previously that it plans to close
on May 2, 2011.
Upon closing, Southwest will turn its efforts to welcoming its
new colleagues and integrating AirTran's operations. Next steps
also include beginning work on securing a Single Operating
Certificate (SOC) from the Federal Aviation Administration, which
is currently projected for completion in the first quarter of
2012.
On Sept. 27, 2010, Southwest
Airlines announced that it entered into a definitive agreement to
acquire all of the outstanding common stock of AirTran for a
combination of cash and Southwest Airlines' common stock. The
combination of AirTran and Southwest Airlines is expected to
generate substantial benefits to consumers, including the expansion
of low-fare competition in airline markets across the United States, the creation of broader
network offerings with a wider range of consumer choices, improved
quality and service, and the overall creation of a platform for new
growth.
Southwest Airlines also would like to acknowledge the efforts of
the United States Department of Transportation and the Federal
Aviation Administration as the companies worked through this
process.
About Southwest Airlines
In its 40th year of service, Southwest Airlines continues to
differentiate itself from other low-fare carriers—offering a
reliable product with exemplary Customer Service. Southwest
Airlines is the nation's largest carrier in terms of originating
domestic passengers boarded and now serves 72 cities in 37 states.
Southwest also is one of the most honored airlines in the world
known for its commitment to the triple bottom line of Performance,
People, and Planet. To read more about how Southwest is doing its
part to be a good citizen, visit southwest.com/cares to read the
Southwest Airlines One Report(TM). Based in Dallas, Southwest currently operates more than
3,400 flights a day and has nearly 35,000 Employees.
Cautionary Statement Regarding Forward-Looking
Statements
Communications in this news release contain "forward-looking
statements" within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, and Section 21E of the Securities
Exchange Act of 1934. Specific forward-looking statements relate to
Southwest's plans and expectations with respect to its anticipated
acquisition of AirTran Holdings, Inc. ("AirTran"). Forward-looking
statements are based on, and include statements about, Southwest's
estimates, expectations, beliefs, intentions, and strategies for
the future. These statements involve risks, uncertainties,
assumptions, and other factors that are difficult to predict and
that could cause actual results to vary materially from those
expressed in or indicated by them. Factors include, among others,
(i) the possibility that the transaction is delayed or does not
close, including due to the failure of closing conditions; and (ii)
Southwest's ability to successfully integrate AirTran's business.
Additional information concerning the risks associated with
Southwest's anticipated acquisition is included under the heading
"Risk Factors" in Southwest's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010,
and in Southwest's registration statement on Form S-4 filed with
the SEC that includes a proxy statement of AirTran that also
constitutes a prospectus of Southwest. Southwest
undertakes no obligation to publicly update any of these
forward-looking statements to reflect events or circumstances that
may arise after the date hereto.
SOURCE Southwest Airlines Co.