Delta, United acquire stakes in newly merged Republic Airways
The combined entity should operate over 8,300 weekly departures on behalf of American Airlines, Delta Air Lines, and United Airlines in December.
Both Delta Air Lines and United Airlines have acquired stakes in the newly merged Republic Airways, which combined with Mesa Airlines, with the latter being the surviving entity, despite carrying the former’s name.
In United States Securities Exchange Commission (SEC) filings, both airlines revealed that they now had stakes in the regional capacity provider.
On December 3, 2025, Delta Air Lines published a filing that indicated that it now held over 6.7 million of Republic Airways’ shares, representing a stake of 14.4%, at least according to Republic Airways’ latest SEC filing, which detailed that it had issued around 46.9 million of common stock.
Delta Air Lines added that when Mesa Airlines and Republic Airways consummated their merger, “each share of Republic common stock held by [Delta Air Lines] was automatically converted into the right to receive 38.9933 shares of the [the new company’s] common stock, with cash paid in lieu of any fractional shares.”
Meanwhile, United Airlines had signed an agreement with the two merging companies in April. Then, the mainline carrier agreed terms with the duo that first, Mesa Airlines would dispose “dispose of certain assets, extinguish certain liabilities, and effectuate certain related transactions,” while United Airlines would take “actions at or prior to the closing of the merger to facilitate Mesa’s actions in the foregoing clause.”
At the closure of the merger, Mesa Airlines would issue new common shares, with United Airlines having priority to acquire these shares “to the extent of certain financial contributions made by United to Mesa at or prior to the effective time of the Merger.”
On November 28, United Airlines filed an SEC report that indicated that the airline had acquired over 7.7 million shares in Republic Airways, representing an 18.2% stake. The percentage was based on a total of around 42.5 million shares “expected to be outstanding upon consummation of the merger,” based on 638.9 million shares “expected to be outstanding upon consummation of the merger, as reported in the Issuer's prospectus,” adjusted for the reverse stock split.
United Airlines also signed a 10-year capacity purchase agreement (CPA) with Mesa Airlines in connection with the merger.
Republic Airways and Mesa Airlines announced that they had completed the merger on November 25, saying that the former’s shareholders will own 88% of the combined company’s shares, while the latter’s will own at least 6%, and up to 12%, “subject to the final settlement of Mesa’s pre-closing obligations.”
“As a combined company, Republic Airways Holdings Inc. will own the world’s largest Embraer jet fleet of 310 E-Jets supporting more than 1,300 daily departures.”
Republic Airways will continue flying on behalf of American Airlines, Delta Air Lines, and United Airlines, while Mesa Airlines will continue supporting United Airlines under the aforementioned 10-year CPA deal.
Cirium’s Diio Mi showed that in December, Mesa Airlines will operate 1,506 weekly departures on behalf of United Airlines, while Republic Airways’ weekly departures on itineraries flown for American Airlines, Delta Air Lines, and United Airlines number 7,360.
Rytis Beresnevicius
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