How Alaska Airlines’ CEO landed deal to buy Hawaiian Airlines
Alaska Air Group CEO Ben Minicucci was all smiles as he made the media rounds Monday with his new partner, the CEO of Hawaiian Holdings — the two in coordinated aloha shirts. Alaska said Sunday it would buy Hawaiian for $1.9b. The deal, code named project Triggerfish for Hawaii’s state fish, was the culmination of six months of negotiations between the two men as Minicucci looks to grow Alaska Air. While the market hasn’t warmed to an acquisition that faces tough antitrust scrutiny — Alaska’s stock dropped 14% in Monday trading — Minicucci isn’t afraid of a fight. An Alaska Air spokesperson confirmed the project code name, but declined to comment further. The representative didn’t make Minicucci available for an interview. A representative for Hawaiian didn’t respond to a request for comment. The 57-year-old Montreal native is described by people who’ve worked with him as an iron fist in a silk glove. An avid cyclist who practices transcendental meditation, Minicucci has a laser focus on details. He frequently told subordinates during negotiations about his working-class background and that he’s more than willing to engage in a "street fight” if required, to get results, said people familiar with the matter. Minicucci is a veteran of the Royal Canadian Air Force. Both sides of his personality were on display during takeover discussions with Hawaiian. Minicucci conducted most of the talks in person in Honolulu, charming Hawaiian CEO Peter Ingram and his team. He assured them he wanted to retain the brand, Hawaiian’s interisland service and its status as a state champion. Meanwhile, in an unusual maneuver, he dropped the purchase price during talks in an attempt to get the best value, people familiar with the deal said. That’s the reverse of how typical merger and acquisition talks tend to go. Buyers usually leave wiggle room for sellers to negotiate up. For Hawaiian, the move wasn’t warmly received, the people said. Still, Minicucci prevailed. Hawaiian has struggled to recover from a slow rebound in tourism from Asia to Hawaii and lower demand after the state’s wildfires in August.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-12-05/oneworld/how-alaska-airlines2019-ceo-landed-deal-to-buy-hawaiian-airlines
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How Alaska Airlines’ CEO landed deal to buy Hawaiian Airlines
Alaska Air Group CEO Ben Minicucci was all smiles as he made the media rounds Monday with his new partner, the CEO of Hawaiian Holdings — the two in coordinated aloha shirts. Alaska said Sunday it would buy Hawaiian for $1.9b. The deal, code named project Triggerfish for Hawaii’s state fish, was the culmination of six months of negotiations between the two men as Minicucci looks to grow Alaska Air. While the market hasn’t warmed to an acquisition that faces tough antitrust scrutiny — Alaska’s stock dropped 14% in Monday trading — Minicucci isn’t afraid of a fight. An Alaska Air spokesperson confirmed the project code name, but declined to comment further. The representative didn’t make Minicucci available for an interview. A representative for Hawaiian didn’t respond to a request for comment. The 57-year-old Montreal native is described by people who’ve worked with him as an iron fist in a silk glove. An avid cyclist who practices transcendental meditation, Minicucci has a laser focus on details. He frequently told subordinates during negotiations about his working-class background and that he’s more than willing to engage in a "street fight” if required, to get results, said people familiar with the matter. Minicucci is a veteran of the Royal Canadian Air Force. Both sides of his personality were on display during takeover discussions with Hawaiian. Minicucci conducted most of the talks in person in Honolulu, charming Hawaiian CEO Peter Ingram and his team. He assured them he wanted to retain the brand, Hawaiian’s interisland service and its status as a state champion. Meanwhile, in an unusual maneuver, he dropped the purchase price during talks in an attempt to get the best value, people familiar with the deal said. That’s the reverse of how typical merger and acquisition talks tend to go. Buyers usually leave wiggle room for sellers to negotiate up. For Hawaiian, the move wasn’t warmly received, the people said. Still, Minicucci prevailed. Hawaiian has struggled to recover from a slow rebound in tourism from Asia to Hawaii and lower demand after the state’s wildfires in August.<br/>
