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JetBlue and Spirit Finally Agree to Merge After Grueling Battle
Published Jul 28, 2022 14:08
© Reuters.
By Michael Elkins
After four months of back and forth, JetBlue Airways Corp (NASDAQ:JBLU) and Spirit Airlines (NYSE:SAVE) finally announced Thursday that their respective boards have approved a merger agreement. The news comes just one day after Spirit Airlines terminated its merger agreement with Frontier Group (NASDAQ:ULCC).
Upon shareholder approval, JetBlue will acquire Spirit for $33.50 per share in cash. The deal includes a pre-payment of $2.50 per share payable upon shareholder’s approval and a ticking fee of $0.10 per month starting in January 2023 through closing.
“We are excited to deliver this compelling combination that turbocharges our strategic growth, enabling JetBlue to bring our unique blend of low fares and exceptional service to more customers, on more routes,” said Robin Hayes, chief executive officer, JetBlue. “Spirit and JetBlue will continue to advance our shared goal of disrupting the industry to bring down fares from the Big Four airlines.”
Ted Christie, president and chief executive officer, Spirit, said, “We are thrilled to unite with JetBlue through our improved agreement to create the most compelling national low-fare challenger to the dominant U.S. carriers, and we look forward to working with JetBlue to complete the transaction.”
The airlines will continue to operate independently until after the transaction closes.
The completion of the acquisition is subject to customary closing conditions, including receipt of required regulatory approvals and approval of Spirit’s stockholders. The companies expect to conclude the regulatory process and close the transaction no later than the first half of 2024.
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