UAL

(UAL) - Get Report

plans to buy the bulk of

US Airways

(U) - Get Report

, according to two reports.

The Wall Street Journal

reported that UAL,

United Airlines'

parent, will pay $4.3 billion in cash and assume $7.3 billion in debt and leases. The deal, which is worth about $60 for each US Airways common share, is expected to be announced Wednesday.

The Financial Times

also reported the pending acquisition.

US Airways closed Tuesday at 26 5/16, up 1 1/16. UAL closed at 60 3/8, up 5/8.

UAL already is the world's largest airline, and US Airways is the nation's sixth largest. The

Journal

noted that the new airline would have 6,500 daily flights, while the world's second biggest airline,

AMR

(AMR)

, parent company of

American Airlines

, and its affiliates have 3,600 daily flights.

But the newspaper also noted that the

Justice Department

could raise objections to the deal. It is suing

Northwest

(NWB)

and

Continental

(CAL) - Get Report

over Northwest's purchase of just 14% of Continental, the

Journal

said.

The airlines will argue that there's little overlap, the

Journal

said. In addition, UAL will spin off most of US Airways' operations at

Reagan National Airport

in Washington.