A huge merger in the airline industry.  American Airlines and US Airways reportedly have agreed to  merge and create the world’s biggest airline. The boards of both companies approved the merger late Wednesday.

The new carrier will keep the American Airlines name but will headed by US Airways CEO Doug Parker. American’s CEO, Tom Horton, will become chairman of the new company.  A formal announcement is expected Thursday morning. If the deal is approved by a bankruptcy judge and antitrust regulators, the new American Airlines will have more than 900 planes, 3,200 daily flights and about 95,000 employees.