Oracle Co-Founder/CEO Larry Ellison Buys Island Air
Oracle co-founder and CEO Larry Ellison officially announced that he has acquired Island Air today. The acquisition secures the future of Island Air and their employees. Island Air already added one new ATR 72 aircraft to their fleet, which gives customers the option to enjoy a larger plane with more seats and legroom.
There will not be any planned staff changes and Island Air will continue operating as usual while developing additional plane plans. All current tickets will be honored. Cloud9 members will retain their benefits and status.
“This is another major investment and commitment toHawai?i,” stated Lawrence Investments LLC VP Paul Marinelli. “We understand the critical importance of transportation in an island state and we will ensure that Island Air strengthens its role, capacity and service to the people of Hawai?i. We recognize the need for providing options for travelers, and we believe Island Air has tremendous potential to deliver value to both residents and visitors.”
“We are excited Mr. Ellison has acquired Island Air. He has the vision and resources to literally take Island Air to new heights,” added Island Air president Les Murashige. Island Air has 245 employees and are part of a union.
Back in June 2012, Ellison acquired the Hawaiian island of Lanai for a rumored price of between $500-$600 million.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry