The deal is done: Continental and United airlines have agreed to merge.
Both company's boards met on Sunday and approved the merger, according to sources familiar with the proceedings. A formal announcement comes early Monday.
The carrier will be based in United's home of Chicago and take United's name, the sources said. Jeff Smisek, chairman, CEO and president of Houston-based Continental, will be CEO of the merged carrier and he will have offices in Houston and Chicago, they said.
United's CEO Glenn Tilton will become non-executive chairman until Dec. 31, 2012, or on the second anniversary of the closing of the deal, whichever is later. Then Smisek takes the helm as chairman.
The deal — which had earlier bogged down over price — will be an all-stock swap. Continental shareholders get 1.05 United shares for each Continental share they own.
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