Larry Ellison buys Island Air

Feb. 28, 2013 at 2:21 AM

HONOLULU, Feb. 28 (UPI) -- Oracle Chief Executive Officer Larry Ellison, who owns most of the Hawaiian island of Lanai, announced Thursday he has purchased the state's Island Air.

"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. "We welcome Mr. Ellison and we look forward to an exciting future together."

Ellison last year bought 98 percent of Lanai for $500 million to $600 million and has said he won't make major changes to the island, the smallest of the Hawaiian islands accessible to the public, The Wall Street Journal reported.

Forbes lists Ellison as the third-richest man in the United States at $41 billion.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules