The term “wholly owned” does not exist in the M&A world. Two distinctly different companies. Horizon Air Industries is the corporation that every Horizon employee works for. It is distinctly separate and not in anyway connected to Alaska Airlines inc. . A holding company, Alaska Air Group, owns both corporations. A merger would occur with Alaska Airlines inc. Alaska Air Group could continue to own and run Horizon Air Industries or any other company it chose to purchase. Entirely unlikely but structurally possible.