There are several ways to estimate the value of the proposed merger of Delta Air Lines and Northwest Airlines, experts say. Some calculate the deal's market capitalization at $6.2 billion, based on current share prices. Others judge the value of the combination at $17.7 billion based on the deal's enterprise value, which is based on the theory that the acquiring company assumes debt and keeps cash accounts. Investment bankers use yet another method to place value on such transactions.

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