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Spirit Airlines shareholders approve JetBlue takeover
After a drawn-out bidding process Spirit Airlines shareholders finally got the chance to vote on the airline’s future.
They approved a $3.8 billion cash offer by JetBlue Airways after a six-month bidding war between JetBlue and Frontier Airlines.
The transaction is now expected to close by the first half of 2024.
“This is an important step forward on our path to closing a combination that will create the most compelling national low-fare challenger to the dominant U.S. carriers,” Spirit Airlines CEO Ted Christie said.
“We look forward to continuing our ongoing discussions with regulators as we work toward completing the transaction.”
The new battle is now convincing sceptical regulators the takeover is not anticompetitive.
It will create the country’s fifth-largest carrier.
The Justice Department is currently challenging JetBlue’s Northeast partnership with American Airlines.
If approved, the Spirit brand will disappear with the business integrated within JetBlue.
Ray Monty
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