Let no one say that Ryanair’s CEO Michael O’Leary is not a determined person.

This morning Ryanair announced that it will pay $1.78 (€1.40) a share — or $950 million in cash — for the remaining 70% of Irish flag carrier Aer Lingus. This price represents a hefty 28% premium over the current stock price.

Two years ago Ryanair tried to buy the airline, but only got as far as putting together a 30% stake in the airline.

Significance of the move? When was the last time we saw a low cost carrier purchase what is considered to be a Legacy carrier?

I suspect Mr. O’Leary may be successful in his attempt this time. There are too many things working in his favor as compared to two years ago.