Hawaiian Airlines stock nearly tripled Monday morning, following Sunday’s announcement that Alaska Airlines has reached a $1.9 billion agreement to purchase Hawaiian. 

Hawaiian share prices were trading around $14 by 12:30 p.m. Eastern time, an increase of approximately 190% from Friday’s closing price of $4.86.

The surge was driven by the deal’s terms, in which Alaska has agreed to pay Hawaiian shareholders $18 per share should the merger close. The companies expect closing within 12 to 18 months, provided that the deal receives approval from the antitrust division of the Department of Justice. 

Under the proposed merger, the Hawaiian and Alaska brands would remain distinct, with both being run by the current Alaska Airlines management group out of its Seattle headquarters. 

The deal would bring together the Mileage Plan loyalty program of Alaska and HawaiianMiles loyalty program. 

Alaska has also committed to maintaining the Hawaiian brand’s interisland service.

In contrast to Hawaiian shares, Alaska Airlines stock dropped to $33.46 at 12:30 p.m. Eastern time, down around 15.5% compared with Friday’s closing.

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