Alaska Airlines completes its acquisition of Hawaiian Air, which will remain a separate brand [Video]

SEATTLE — Alaska Airlines closed its $1 billion purchase of Hawaiian Airlines on Wednesday, a day after the federal government removed the last major regulatory obstacle to the deal.

Alaska will also assume about $900 million in Hawaiian debt. Alaska says it will keep Hawaiian as a separate brand, elimiinating the need to repaint planes.

To win approval from the Transportation Department this week, the airlines agreed to maintain current levels of service on key routes within Hawaii and between the island state and the U.S. mainland where they don’t face much competition.

Shares of Alaska Air Group fell a little more than 1% Wednesday.

RELATED: Alaska Air Group to buy Hawaiian Airlines in $1.9B deal

The Justice Department, which had opposed previous deals between large airlines including JetBlue’s attempt to buy Spirit Airlines, has not challenged the Alaska-Hawaiian deal on antitrust grounds.

Alaska and Hawaiian also agreed to a handful of consumer …