After buying most of the Hawaiian island of Lanai, why not add an airline to the collection?
That had to be exactly what Oracle CEO, Larry Ellison was thinking when he acquired a small Hawaii airline, called Island Air, on Tuesday.
Island Air said in a news release, according to USA Today, there will no layoffs or other staff changes after its sale to Ohana Airline Holdings, a holding company owned by the billionaire.
Ellison bought 98 percent of Lanai from billionaire David Murdock in June for an undisclosed price. The Maui News reported that Murdock, the CEO of Castle & Cooke Inc., was seeking $500 million to $600 million for his Lanai holdings.
"We are excited Mr. Ellison has acquired Island Air. He has the vision and resources to literally take Island Air to new heights," Island Air's president, Les Murashige, said in a statement, to USA Today.
Paul Marinelli, vice president of Lawrence Investments, another company owned by Ellison, said the purchase is a major investment and commitment to Hawaii.
We understand the critical importance of transportation in an island state, and we will ensure that Island Air strengthens its role, capacity and service to the people of Hawaii," Marinelli said, according to USA Today.
Ellison told CNBC in an interview a few months later he envisions the 141-square-mile island near Maui becoming a "little laboratory" for experimenting with more environmentally sound ways to live.
Forbes magazine named Ellison, who has a fortune estimated at $36 billion, the sixth richest person in the world last year.
As for the airline he purchased, though it cannot compare to the larger, state owned and operated Hawaii Airlines that flies160 flights between the Hawaiian Islands each day, while also flying to the U.S. mainland, Asia and Pacific, Island Air offers 224 weekly flights between Oahu, Maui, the Big Island, Kauai, Molokai and Lanai.
This article is copyrighted by Travelers Today, the travel news leader
