Even though it’s not April fools day just yet I’ll address this one point. Just because a transaction is cashless, it doesn’t mean it’s free. The planes, routes, slots, etc... plus the initial operating losses and integration costs need to actually be worth the value of the debt for the transaction to make any sense. Also the further out into the future that potential return is, the less it is worth in today’s dollars. I know times were good pre-corona virus but not good enough that UA had a foreign airline sized opportunity for growth.

oh and there’s also the myriad of regulatory challenges pointed out by everyone else on this thread to deal with.