America West Holdings Corporation
(NYSE: AWA)was informed today that affiliates of Texas Pacific Group (TPG), an
investment firm and fund manager, sold approximately 1.95 million shares of
America West Class B Common Stock in a block trade with Credit Suisse First
Boston. Those TPG affiliates continue to own 941,431 shares of America West
Class A Common Stock and, due to special voting rights attributed to the Class
A shares, hold approximately 47 percent of America West`s voting stock.
Pursuant to a shareholders agreement made in 1994 (at the time of the
emergence of America West Airlines from financial restructuring) the TPG
affiliates were required to hold two America West Class B shares for each
Class A share held. The shareholders agreement expired on May 20, 1998,
providing the first opportunity to sell the Class B shares while retaining the
super voting Class A shares.
“TPG has earned very attractive returns on their investment over the last
four years and this transaction is consistent with their investment strategy,”
said William A. Franke, chairman and chief executive officer. “We appreciate
the confidence in the future performance of America West demonstrated by TPG`s
decision to retain a significant position in the Company.”
America West Holdings Corporation is an aviation and travel services
company with 1997 sales of $1.9 billion. Wholly owned subsidiary America West
Airlines is the nation`s ninth largest airline serving more than 90
destinations in the U.S., Canada and Mexico. The Leisure Company, also a
wholly owned subsidiary, is one of the nation`s largest tour packagers.
This press release, as well as releases issued in the past year by America
West Holdings and its affiliates, can be accessed on the America West Internet
site at http://www.americawest.com.