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JetBlue agrees $3.8 billion deal to buy Spirit Airlines
JetBlue Airways has sealed a deal to buy Spirit Airlines.
It comes hours Spirit abandoned plans to merge with Frontier Airlines.
That deal collapsed as it lacked the shareholder support, even though it was the Spirit board’s favored option.
The $3.8 billion acquisition would create the fifth largest U.S. airline, and would be the first major US airline deal for six years.
It ends a long drawn-outbidding war between JetBlue and Frontier
However, it is far from a done deal.
There is likely to be intense antitrust scrutiny by US regulators.
Spirit itself had said a JetBlue takeover wasn’t likely to get approved by regulators
JetBlue will pay $33.50 a share in cash for Spirit.
The one positive for Frontier is that a JetBlue deal would leave Frontier as the largest LCC in the US.
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