Oracle CEO Larry Ellison, who last year purchased his own Hawaiian island, bought a small airline that services the island chain.
Island Air announced the acquisition in a press release today that noted there would be no staff or operational changes as a result of its sale to Ellison. Financial terms of the transaction were not revealed.
"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 President Les Murashige said in a statement published by the Associated Press. The airline announced last month that it had reached a preliminary sale agreement but did not reveal the buyer until today.
The airline employs 245 people and flies 244 weekly flights between Oahu, Maui, the Big Island, Kauai, Molokai, and Lanai.
Ellison, whose estimated $41 billion net worth makes him the No. 3 richest American, purchased 98 percent of the island of Lanai last June for a rumored $500 million. Ellison told CNBC that he hoped to turn the 141-square-mile island "into a model for sustainable enterprise" that would export organic producer to Asia.