JetBlue announced Thursday it had reached an agreement to buy Spirit Airlines a day after Spirit pulled the plug on merger talks with Frontier Airlines.
If the $3.8 billion deal is approved by shareholders and regulators, it will create the fifth-largest U.S. air carrier, ending a monthslong bidding war for the budget airline."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 acquisition will allow JetBlue to offer over 1,700 daily flights from more than 125 destinations in 30 countries by December. It will also allow JetBlue to increase its offerings in key cities, including Fort Lauderdale, Florida; Orlando, Florida; San Juan, Puerto Rico; and Los Angeles. The two companies expect to finalize the regulatory process and close the deal no later than the first half of 2024.JetBlue and Frontier had been in a bidding war to acquire Spirit for several months as both sides sweetened their offers before Spirit terminated its talks with Frontier on Wednesday. Spirit will have to pay Frontier $25 million to cover the costs of its merger discussions.
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