In a $1.9 billion transaction, Alaska Airlines will purchase Hawaiian Airlines

Alaska Airlines will buy Hawaiian Airlines for $1.9 billion as they grow throughout the West Coast.

According to a Sunday news release, Hawaiian Airlines would inherit $900 million in debt and be valued at $18 a share. Hawaiian Airlines' market valuation was $250 million when shares closed Friday at $4.86.

Next year or 18 months, the deal should finalize. The combined firm will be overseen by Alaska Airlines CEO Ben Minicucci in Seattle.

Both airlines claimed they will “maintain” their brand names but operate on a unified platform with 365 planes serving 138 destinations.

“With the additional scale and resources that this transaction with Alaska Airlines brings, we will be able to accelerate investments in our guest experience and technology, while maintaining the Hawaiian Airlines brand,” said Hawaiian Airlines CEO Peter Ingram.

Alaska Airlines will triple nonstop or one-stop Hawaiian flights to North America with the merger.

Alaska Airlines believes the deal will boost earnings within two years with $235 million in “run-rate synergies.”