AirTran Airways and Southwest Airlines. Courtesy, SWA FAA has granted Southwest Airlines (SWA) and AirTran Airways a single operating certificate, formally combining the world's largest low-cost carrier (LCC) with the third largest LCC in North America. Dallas-based SWA acquired Orlando-based AirTran last year in a deal valued at around $1 billion in aggregate (below the $1.4 billion originally estimated), or approximately $7.57 per share of AirTran common stock (ATW Daily News, ...

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