Alaska Air Group (ALK) shares fell 14% while shares of Hawaiian Holdings (HA) nearly tripled in pre-market trading Monday after Alaska Air Group said it would buy Hawaiian Holdings for $1.9 billion.

At $18 per share, Alaska Air is paying almost four times Hawaiian's closing price on Friday. Facing the impact of the Maui wildfires, soaring fuel costs, and jet engine recall issues, the embattled Hawaiian airline's stock price has lost over half its value this year.

Combined, Alaska Airlines and Hawaiian Airlines would reach 138 destinations and over 1,200 through the Oneworld Alliance. The merger would also reinforce Alaska Air’s position as the fifth-largest air carrier in the U.S. However, the deal could face resistance from U.S. 澳洲幸运5官方开奖结果体彩网:antitrust regulators in a sector that is witnessing its second major merger in less than two years.

Earlier this year, the DOJ cited concerns about consolidation across the airline industry, prompting JetBlue to abandon an American Airlines par🅷tnership to salvage its deal with Spirit. The Justice Department expressed apprehension that over the last two decades, the airline industry has dwindled from over a dozen significant airlines competing domestically to just a handful dominating air travel in the U.S., limiting choices available to flyers.

According to Alaska Airlines, the merger is expected to generate at least $235 million in "run-rate synergies," leading to enhanced earnings within the next two years.

The deal is expected to be finalized within 12 to 18 months, contingent upon approval from regulators and Hawaiian's shareholders.

Shares of Alaska Airlines were down 14% from Friday's closing price, at $34.19, about 15 minutes before the start of the regular trading session. Hawaiian's shares were trading at $13.34, up from $4.86 at Friday's close.