An investor group acquired 5.39% of Texas Air.

A New York-based limited partnership, Odyssey Partners, reported to the Securities and Exchange Commission that it bought 700,000 shares of the airline holding company for $10.9 million in June, July and this month. The partnership said it holds the shares for investment purposes. It was the second major investment in Texas Air since the company became embroiled in a battle for control of Trans World Airlines. Last month, Saul P. Steinberg, through his Reliance Group, bought 5.4%.