Alaska Airlines is buying Hawaiian Airlines. Will the Biden administration let the merger fly?

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Alaska Airlines says it will buy Hawaiian Airlines for $1 billion

Another proposed airline buyout is renewing debate over whether there has been too much consolidation in the industry — and whether consumers are paying the price.

The Biden administration has taken a tough stance against mergers, and it is certain to take a close look at Alaska Air Group's proposed acquisition of Hawaiian Airlines for $1 billion in cash.

The deal is smaller than the mergers that reshaped the airline industry more than a decade ago. But the Justice Department is already fighting another smallish deal — JetBlue's proposal to buy Spirit Airlines.

Alaska Airlines parent Alaska Air Group announced Sunday that it will pay $18 per share for Hawaiian — a huge premium over Hawaiian's closing stock price on Friday. Hawaiian has struggled to recover from the pandemic and new competition from Southwest on intra-islands flights. It has lost $159 million so far this year.

Alaska says Hawaiian will continue to operate as a stand-alone brand, an unusual step.

Here's some information about each airline, their customer bases, the way antitrust regulators will view the deal, and the impact of past mergers.

Alaska Air Group, based in Seattle, valued the deal at $1.9 billion, which includes the assumption of Hawaiian’s $900 million in net debt.

Together the two airlines will have 365 planes and serve 138 destinations, including 29 outside the United States.

Shares of Hawaiian Holdings Inc. nearly tripled, closing Monday at $14.22. Alaska fell 14% to close at $34.08.

Many Americans, including travelers in the middle and eastern parts of the country, have never flown on either of these airlines.

Alaska Air Group, based in Seattle, is the fifth biggest U.S.