SkyWest sell ExpressJet Airlines to United

SkyWest has sold ExpressJet Airlines to United Airlines joint venture ManaAir. The transaction is expected to close in early 2019, subject to customary closing conditions. The deal was settled for approximately $70 million in cash for the majority of the assets and the assumption of liabilities of ExpressJet, subject to a working capital adjustment. The ExpressJet assets excluded from the transaction will be utilised or liquidated by SkyWest. The expected realizable value to SkyWest of the remaining inventory is estimated to approximate the value of the working capital adjustment. SkyWest will retain ownership of the CRJ aircraft currently in service