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Oracle CEO Buys Hawaii’s Island AirFebruary 27, 2013 By: Joe Pike
According to The Wall Street Journal, Oracle's CEO and multi-billionaire, Larry Ellison, recently announced that he purchased Island Air, an airline that travels between the Hawaiian islands.
In a press release, Island Air says the deal secures the future of the company for its employees as it had been undergoing a restructuring. The company had hired a restructuring adviser earlier this month, according to Honolulu’s Star Advertiser, and had said it had a deal with an unnamed buyer.
“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,” said Les Murashige, Island Air president. “We welcome Mr. Ellison and we look forward to an exciting future together.”
Last year, Ellison purchased the vast majority of the island of Lanai, off the coast of Maui. Specifically, he bought 98 percent of the island last June for a reported $500 to $600 million and has said he plans to leave the island largely alone. According to several media outlets, the purchase will include two resort hotels and a pair of golf courses with clubhouses. We expect some other major changes to come to Lanai, whether this year or beyond. Regardless, agents should put this destination on their radars immediately.