Delta to Acquire Rest of Comair

ATLANTA —  Delta Air Lines Inc. agreed to buy the 78% of Comair Holdings Inc. it doesn’t already own for $1.91 billion, giving the No. 3 U.S. airline the biggest regional carrier and expanding its network.

Delta said it would pay $1.8 billion, or $23.50 a share in cash, a 31% premium to Comair’s Friday closing price of $17.94. It also would assume $110 million in Cincinnati-based Comair’s debt.

The acquisition, which would give Delta 82 50-seat regional jets and hubs in Cincinnati and Orlando, comes as Delta said its fiscal first-quarter profit fell 11% as it lost business to Hurricane Floyd and paid more for fuel.

“Regional jets are the key to Delta’s continued prosperity in the small to medium-sized markets,” said Leo F. Mullin, Delta chief executive. “This is . . . the fastest-growing segment of commercial aviation.”

Comair shares leaped $5.06 on the news in Nasdaq trading, closing at $23. Delta was up 25 cents at $50.38 on the New York Stock Exchange.

The Comair purchase builds on Delta’s strategy of feeding passengers from small to mid-size cities to its hubs in Atlanta and Cincinnati. Comair has more than 700 daily departures to 88 cities in 31 states.