Continental Airlines Offers to Buy Some US Air Assets for $215 Million - TheStreet

Continental Airlines

(CAL) - Get Report

offered $215 million to buy assets that

US Airways

(U) - Get Report

agreed to sell to

DC Air

, according to a report in

The Wall Street Journal

.

US Air set the DC Air deal earlier this year as part of US Air's pending acquisition by

UAL

(UAL) - Get Report

. The move was designed to limit anticipated antitrust concerns about the concentration of air service in the Washington, D.C., area.

United Airlines

, a unit of UAL, is the largest carrier at Washington's Dulles Airport, while US Air is the largest carrier at Washington Reagan National Airport, the newspaper reported.

Continental's bid is a 52% premium over DC Air's agreed upon price of $141 million, according to the newspaper.

US Air has agreed to sell enough assets to DC Air, a new entity led by entrepreneur Robert Johnson, who is a US Airways board member, to create a new, regional competitor in the market.