United Airlines and Continental Airlines announced early Monday morning that they are combining operations to form the world's largest airline in a $3 billion merger.
The deal is the culmination of a lengthy search by United CEO Glenn Tilton for a partner that would bolster his carrier's global network and that would promote consolidation in a badly fragmented industry plagued by chronic losses. Continental CEO Jeff Smisek will be named CEO of the new carrier, while Tilton will move to its board as non-executive chairman for a two-year term.
The new airline, to be named United, will retain its world headquarters at 77 W. Wacker Drive in Chicago, where United currently employs about 700 people.
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