Allegiant to acquire Sun Country in deal valued at $1.5 billion

Allegiant Travel Co. will acquire Sun Country Airlines Holdings Inc. in a cash-and-stock deal valued at $1.5 billion including Sun Country’s debt, the two carriers said in a joint statement on Sunday. 

Sun Country’s shareholders will receive 0.1557 shares of Allegiant common stock and $4.10 in cash per Sun Country share, the companies said. The offer represents a premium of 19.8% over Sun Country’s closing share price on Friday, according to the statement.

The combined entity will provide more than 650 routes...