Republic Airways and Mesa Airlines have agreed to merge in an all-stock transaction, forming what the companies describe as a leading publicly traded regional airline. The combined company will retain the name Republic Airways Holdings Inc. and is expected to trade on NASDAQ under the new ticker symbol “RJET.”
Currently, Republic operates on behalf of American, Delta, and United. Mesa exclusively flies under the United Express brand.
The merger brings together Republic’s and Mesa’s fleets, networks, and personnel. Both airlines currently operate only Embraer E170/E175 jets. Mesa retired its remaining fleet of CRJ-900s earlier this year.
According to a news release, the new entity will operate approximately 310 aircraft, with more than 1,250 daily departures, and will maintain current operating bases and routes until the companies receive a single Federal Aviation Administration operating certificate.
Republic President and CEO Bryan Bedford will lead the combined company, which will retain Republic’s current executive team. The board of directors will consist of six members from Republic and one independent member from Mesa.
“We’re thrilled to combine the Republic and Mesa teams to create one of the world’s leading Embraer Jet operators,” said Bryan Bedford, Republic’s president and chief executive officer, in Monday’s release. “Republic and Mesa share a common mission to connect communities across America, and we believe that we can better achieve that mission together. With this combination, we are establishing a single, well-capitalized, public company that will benefit from the deep expertise of Republic and Mesa associates, creating value for all stakeholders well into the future.”
Bedford was recently tapped by the Trump administration for FAA Administrator. His nomination is still pending Senate approval.
Majority Ownership
Under the terms of the agreement, Republic shareholders will own 88% of the combined company, while Mesa shareholders will receive between 6% and 12%, depending on pre-closing criteria. Mesa will not contribute any debt to the new company, and all outstanding obligations will be extinguished as part of the merger.
The merger has been approved unanimously by the boards of both companies and is expected to close in late Q3 or early Q4 of 2025, subject to regulatory and shareholder approvals.
Financially, the combined airline is projected to generate approximately $1.9 billion in revenue.
Republic will continue operating under existing long-term capacity purchase agreements with American, Delta, and United. Mesa’s operations will support United under a new 10-year agreement.
The companies have stated that all flight crews, technicians, and other operational staff will be retained. With this new deal, Republic will become the U.S.’s second-largest regional carrier, just behind SkyWest.
