Oracle CEO Ellison buys Hawaii's Island Air

SAN FRANCISCO Thu Feb 28, 2013 12:55am IST

1 of 2. Oracle Chief Executive Larry Ellison delivers his keynote address at Oracle Open World in San Francisco, California September 30, 2012.

Credit: Reuters/Robert Galbraith/Files

Related Topics

SAN FRANCISCO (Reuters) - Billionaire Larry Ellison can now afford to fly commercial - on his own commercial airline, that is.

The Oracle Corp ORCL.O chief executive on Wednesday added a small Hawaiian airline to his holdings, less than a year after he purchased the vast majority of land on the small Hawaiian island of Lana'i, off the coast of Maui.

Island Air, a Honolulu-based carrier with a handful of island-hopping planes and about 245 employees, will not make any staff changes as part of the sale and will continue normal operations, the company said.

"We are excited Mr. Ellison has acquired Island Air. He has the vision and resources to literally take Island Air to new heights," said Les Murashige, Island Air president.

Terms of the deal were not disclosed, but it was unlikely to financially strain the software mogul, who has an estimated fortune of $36 billion. Forbes Magazine recently named Ellison the sixth-richest man in the world.

A spokesman for Ellison called the Island Air purchase "another major investment and commitment to Hawaii."

After Ellison bought 98 percent of Lana'i last year, he said he intended to turn the island into a "laboratory" for green living.

(Reporting By Gerry Shih)

FILED UNDER:

Tech Wrap

Reuters Showcase

Stake Sale

Stake Sale

Strong demand for Coal India boosts privatisation drive.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

SpiceJet Bailout

SpiceJet Bailout

SpiceJet board approves up to $243 mln share sale plan  Full Article 

AirAsia Jet Crash

AirAsia Jet Crash

AirAsia captain left seat before jet lost control - sources  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Romney Opts Out

Romney Opts Out

Republican Romney opts out of 2016 run for president.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Safety Concerns

Safety Concerns

Aviation leaders seek new safety mandate after deadly 2014.  Full Article 

Movie Review: Hawaizaada

Movie Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage