JetBlue, Spirit agree on $7.6 billion merger

Thursday, 28. July 2022 12:58

JetBlue Airways Corporation announced on Thursday that the company reached an agreement to acquire Spirit Airlines Inc. for $33.50 per share in cash or $3.8 billion.

Including Spirit's adjusted net debt of $3.8 billion, the entire transaction is valued at $7.6 billion. The deal will result in the creation of a "customer-centric, fifth-largest carrier in the United States," JetBlue CEO Robin Hayes said in the statement. "Spirit and JetBlue will continue to advance our shared goal of disrupting the industry to bring down fares from the Big Four airlines," he added. The combined company will have 77 million customers and a fleet of 458 aircraft, while the transaction is expected to be finalized "no later than the first half of 2024."

Yesterday, Spirit decided to end the previously-reached merger agreement with Frontier Group Holdings Inc. after a bidding war between JetBlue and Frontier.

Related Links: Spirit Airlines Inc.JetBlue Airways Corp.
Author:
Baha Breaking News (BBN) / MS