JetBlue is buying Spirit Airlines for $3.8 billion, creating the nation’s fifth largest airline.
The agreement Thursday comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart.
JetBlue will acquire Spirit for $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There’s also a ticking fee of 10 cents per month starting in January 2023 through closing.
The combined airline will have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes.
Political Cartoons
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.