Oracle CEO Larry Ellison Buys Hawaii's Island Air
After purchasing 98 percent of the island Lanai, the software mogul follows up with the state’s small airline.
Oracle co-founder and CEO Larry Ellison has purchased Hawaii’s Island Air for an undisclosed amount.
Island Air said in a press release that the deal will secure the future of the company for its employees.
“The entire Island Air team pulled together over the past year to restructure and position the company for success, and this sale represents the culmination of that process,” Island Air president Les Murashige said in a statement as reported in the The Wall Street Journal. “We welcome Mr. Ellison and we look forward to an exciting future together.”
Ellison bought the airline from Gavarnie Holding LLC. The airline, which offers 224 flights between the islands of Hawaii, is smaller than Hawaiian Airlines, which offers direct flights to the mainland.
In June, Ellison bought 98 percent of the Hawaiian island Lanai, the state’s sixth largest at 141 square miles, for a reported $500 million from David Murdock, chairman and owner of Dole Food Company, Inc. In October, Ellison told CNBC that he had plans to turn Lanai into a "model for sustainable enterprise," while many locals were concerned that the purchase would increase tourism.
Lanai boasts two Four Seasons resorts that have attracted celebrity guests including Bill Gates and his wife, Melinda, when they exchanged vows on the island.
Ellison has a reported net worth of $27 billion, making him America's third-richest man.