Northwest Airlines Joins TPG Bid for Midwest Air Group
Northwest Airlines (NYSE: NWA) today confirmed it is a passive investor in the acquisition entity that TPG Capital, L.P. (TPG) has created to pursue an acquisition of all of the outstanding shares of Midwest Air Group, Inc. at $16 per share. The bid submitted by TPG is subject to the satisfaction of certain conditions.
Milwaukee-based Midwest Air Group operates Midwest Airlines and Midwest Connect. The TPG offer was presented to the Midwest Air Group board of directors on August 12, 2007.
NWA, which is providing financing to facilitate the transaction, will not participate in the management or control of Midwest should TPG acquire Midwest. The previously announced codeshare agreement between NWA and Midwest Airlines will remain in place and the two airlines will explore cost reduction activities such as joint fuel purchasing.
Northwest has briefed its union leadership on the transaction. The investment contemplated is consistent with all of NWA’s union obligations.
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