American Airlines and US Airways GroupLCC.N said they plan to merge in a deal that will form the world's biggest air carrier, which will have a combined equity value of $11 billion.
The merger caps a wave of consolidation that has helped put U.S. airlines on more solid financial footing.
The widely expected deal has been more than a year in the making. American, a unit of AMR Corp (AAMRQ.PK), filed for Chapter 11 bankruptcy in November 2011, and US Airways began its pursuit of a merger in early 2012.
(Reporting by Karen Jacobs in Atlanta and Sagarika Jaisinghani in Bangalore)
Trending On Reuters
The NSE Nifty fell 3.4 percent on Thursday to the lowest since May 2014, its biggest daily fall in nearly six months as fears of a slowdown in the global economy hammered markets worldwide. Full Article