Milbank LLP is representing Sun Country Airlines (NASDAQ: SNCY) in its approximately $1.5 billion cash and stock acquisition by Allegiant (NASDAQ: ALGT). The Milbank team was led by Global Corporate/M&A partner Iliana Ongun, Transportation and Space partner Alexandra Johnson, Corporate Finance and Securities partner Brett Nadritch and Antitrust partner Grant A. Bermann.
Sun Country shareholders will receive 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share owned. Upon closing, Allegiant and Sun Country Airlines shareholders will own approximately 67% and approximately 33%, respectively, of the combined company on a fully diluted basis. Allegiant will continue to be the publicly traded parent company with both airlines operating under their respective names until the operations are combined. At that time, the unified airline will be named Allegiant.
Milbank is widely recognized for market-leading expertise in aviation finance, M&A, leasing, and other complex transactions. The firm has been named the Airline Economics “Firm of the Year” for the last four years and this deal continues to broaden Milbank’s position as a leading advisor to the largest aviation companies in the world.
The deal team also included Global Corporate/M&A partner Scott W. Golenbock, associates Leslie Hamic, Jackie Karol, Claire McGuinness and Jordan Pool and law clerks Claire Jones and Sofie Tabernilla; Corporate Finance and Securities partner Antonio L. Diaz-Albertini and associates Allison Mahoney, Mackenzie Martin and Zachary Moon; Transportation and Space associates Ariella Stepanian and Peter Brigham; Antitrust partner Richard Parker, special counsel Kelly Dodge Garcia and associate Emme Tyler; Tax partner Max A. Goodman and special counsel Michael Rivkin; Executive Compensation and Employee Benefits partners Mike Shah and Kelly Bartley, special counsel Dustin Stark and associate Shirley Ureña; and Intellectual Property special counsel John Garces.
