American Airlines Buys 60% of AirCal’s Parent

American Airlines on Wednesday completed the purchase of 60.1% of the common stock of ACI Holdings Inc., the parent company of AirCal Inc., for $81.7 million. It is the first step in American’s intended $225-million acquisition of AirCal. Completion of the merger is awaiting approval of the U.S. Department of Transportation.

American Airlines recently received DOT permission to buy all 6,000,100 shares of ACI common stock owned by the William Lyon Co. and George L. Argyros, who previously were AirCal’s principal shareholders. But on Wednesday, American purchased only 5,449,100 shares, of which 4,551,200 were deposited in a voting trust until the merger is completed and the balance, representing 9.9% of the outstanding shares, were delivered to American.

An American Airlines spokesman said that Argyros and William Lyon recently gave 551,000 shares of ACI to charities. He said that although the deal gives American Airlines the right to acquire those shares, securities laws require the purchase to be delayed for a period following the donation.