NEW YORK (AP) -- SkyWest Inc., which operates regional jet service for United Continental Holdings Inc. and Delta Air Lines Inc., said Wednesday that it has agreed to sell its 26 percent stake in the holding company for Brazil's Trip Airlines for $42 million.
Trip Linhas Aereas S.A. earlier this week agreed to combine with Azul Linhas Aereas, the airline started by JetBlue founder David Neeleman four years ago. He was pushed out of JetBlue Airways Corp. following the company's bungled response to a snowstorm that left thousands of people stranded or delayed. Azul is a low-cost carrier like JetBlue. Combined with Trip, it will be Brazil's third largest airline.
Under the deal, St. George, Utah-based SkyWest will sell its shares to Trip Investimentos Ltda., a Brazilian company affiliated with Trip. The purchase price is scheduled to be paid in three installments over a two-year period.
SkyWest bought its initial stake in Trip in August 2008, investing $30 million for its 26 percent holding.