JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation’s fifth largest airline if approved. The agreement comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart.
FLE - A line of Spirit Airlines jets sit on the tarmac at the Orlando International Airport on May 20, 2020, in Orlando, Fla. JetBlue is buying Spirit Airlines, Thursday, July 28, 2022, in a $3.8 billion deal, a day after Spirit and Frontier Airlines agreed to abandon their merger proposal. JetBlue Airways has agreed to buy Spirit Airlines for $3.8 billion and create the nation’s fifth-largest airline if the deal can win approval from antitrust regulators.
“A lots been said over the last few months obviously, always with our stakeholders in mind,” Christie said on CNBC. “We have been listening to the folks at JetBlue, and they have a lot of good thoughts on their plans for that.” Shares of Spirit, based in Miramar, Florida, rose 4% in trading before Thursday's opening bell, to $25.28, still below the price that JetBlue is offering. JetBlue shares gained about 1%.
The companies said they expect to conclude the regulatory process and close the transaction no later than the first half of 2024. If that happens, the combined airline would be based in JetBlue's hometown of New York and led by Hayes. It would have a fleet of 458 planes.
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