Boeing and Alaska Air announced a joint bid on Tuesday to buy the Alaska Airlines subsidiary that has been in a holding pattern for more than a year after a federal judge ordered the company to cease trading in its stock.
Boeing would pay $2,000 per share for the Alaska subsidiary, the company said in a statement.
Alaska Air is the biggest airline in Alaska, which includes the U.S. Virgin Islands and the Northwest Territories.
Alaska’s market value rose more than $1 billion to $19.8 billion after falling by more than half last year.
The Alaska deal follows similar moves by Delta Air Lines Inc. and Southwest Airlines Corp. to acquire Alaska-based companies in recent months.
The companies also have each raised $50 million or more in financing from investors including U.K. investment fund Centrica Partners.
In February, Delta and Southwest agreed to sell Alaska to a consortium of private equity firms, including Bain Capital, the firm that had led the bidding process.
The Alaska deal, however, is separate from that transaction.
The other major airline acquisition in recent years is the $5.9 billion purchase of United Airlines by Blackstone Group LP, a unit of private-equity firm Blackstone.
The sale of Alaska is the largest single U.N. auction of stock since 2004, when Boeing sold shares in the airline to private investors.
It will be the biggest sale in U.