PHOENIX - The deal to merge Valley-based US Airways and Texas-based American Airlines has been completed, according to an early Thursday morning announcement.
The move creates the world's largest airline.
The boards of the two airlines approved the deal late Wednesday.
The 'new' American Airlines will employ an estimated 94,000 people and operate about 6,700 flights out of nine hubs.
According to company officials, US Airways will leave its Tempe headquarters for Fort Worth, Texas. US Airways' CEO Doug Parker will run the combined company.
In an e-mail sent out early Thursday morning, officials said the combined value of the company would be $11 billion based on the value of US Airways' stock as of Wednesday.
The airline will operate under the American Airlines name and offer more than 6,700 daily flights to 336 destinations in 56 countries.
According to the news release: "Thomas Horton, Chairman, President and Chief Executive Officer of American Airlines, will serve as Chairman of the combined airline's Board of Directors through its first annual meeting of shareholders, and will also serve as the combined airline's representative to the
oneworld Alliance, of which he is currently chairman, and International Air Transport Association for the same duration.
"Doug Parker, Chairman and CEO of US Airways, will serve as Chief Executive Officer and a member of the Board of Directors. Mr. Parker will assume the additional position of Chairman of the Board following the conclusion of Mr. Horton's service."
Customers can continue to book their travel and track flights and frequent flyer miles through AA.com or USAirways.com. All frequent flyer miles in both programs will continue to be honored.
Today's merger reduces the number of major U.S. airlines to just four.
Officials from Phoenix's Sky Harbor International Airport say no major changes are expected immediately and that it could be a year before the two airlines actually merge.
They hope the merger will eventually mean more international flight connections for the airport.
US Airways has between 200-300 departures from gates at Terminal 4 while American has about 20 departures from three gates in Terminal 3.
According to Sky Harbor, the newly merged airline will eventually operate in Terminal 4.