SkyWest Airlines (OO, St. George Municipal) has announced it has entered into definitive agreements to sell its ExpressJet Airlines (Atlanta Hartsfield Jackson) unit to ManaAir, LLC, a United Airlines joint-venture.
According to the Utah-based capacity provider, the transaction is expected to conclude in early 2019 and includes approximately USD70 million in cash for the majority of ExpressJet's assets as well as the assumption of its liabilities, subject to a working capital adjustment.
The transaction also includes certain protections around existing SkyWest Airlines flying, as well as priority position to add 25 new dual-cabin aircraft with United should those opportunities arise. As part of the transaction, SkyWest has also agreed to lease twenty CRJ-200s to ExpressJet for up to five years.
The ExpressJet assets excluded from the transaction will either be utilized or liquidated by SkyWest. SkyWest will also retain ownership of the CRJ aircraft currently in service at ExpressJet.
"Today's announcement provides further clarity and focus for the future," Chip Childs, SkyWest, Inc. President and Chief Executive Officer, said. "We want to thank the employees of ExpressJet for their valued contributions and we look forward to continuing to strengthen our partnership with United."
According to the ch-aviation fleets module, ExpressJet operates 146 aircraft including one CRJ100, twelve CRJ200s, twenty-four CRJ700s, and 109 E145s. Current customers include United Airlines as United Express and American Airlines as American Eagle.
