Continental Airlines Inc., the fifth-largest U.S. carrier, acquired a 28% stake in closely held Gulfstream International Airlines Inc. as part of a new 10-year agreement between the carriers. Neither airline would disclose the purchase price for the minority stake. Houston-based Continental said the agreement will allow it to build on its existing relationship with Gulfstream, which provides regional service under the Continental Connection name in Florida, the Bahamas and the Caribbean. Tom Cooper, primary owner and chief executive of Fort Lauderdale, Fla.-based Gulfstream, said its other airline partners are “fine” with the Continental transaction. The proceeds from the stake sale will allow the regional carrier to update its fleet, Cooper said.
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