United Airlines has agreed to acquire Continental Airlines in a $3.17 billion, all-stock deal, creating the world’s largest airline. The new company will field 700 planes to serve 370 destinations in 59 countries.
Though both companies contend that the deal is a merger of equals, United shareholders will own 55 percent of the combined name. The newly-formed airline will operate under the United name and will be based in United’s hometown of Chicago. However, Continental’s CEO Jeffrey Smisek, a former securities lawyer at Vinson & Elkins, will head the new operation.
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