DALLAS (CBSMiami) – The long-awaited merger between American Airlines and US Airways Group has finally been approved by the boards of the two air carriers.

The $11 billion all-stock merger deal creates the world’s largest air carrier, according to a joint announcement from the airlines in an article from the News Service of Florida.

Miami International Airport is home to American Airlines’ second-largest hub.

Fitch Ratings released a report Wednesday that said Miami, which is a gateway to Latin America for many carriers, could remain a “solid franchise” under the merger with its operational performance remaining intact.

US Airways confirmed the news at 6:45 am on Thursday on its Twitter account saying, “We are proud to announce @AmericanAir & @USAirways are coming together to create the new American.”

Read about the terms of the agreement in the full article.

(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The News Service of Florida contributed to this report.)


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