Alaska Air Group ALK strengthened its position as the fifth-largest U.S. airline by revenues when it completed the acquisition of Hawaiian Airlines for $1 billion in cash. ALK also assumes about $900 million in Hawaiian debt.

Alaska Airlines is closing its $1 billion purchase of Hawaiian Airlines. The airlines announced Wednesday that they have completed the sale just a day after the federal government removed the last major regulatory obstacle.

Alaska Air Group has completed its acquisition of Hawaiian Airlines, the SeaTac-based airline said early Wednesday.