BELOW SUPERNAV drop zone ⇩

JetBlue reaches deal to buy Spirit for $3.8 billion

FILE – A Spirit Airlines jet approaches Philadelphia International Airport in Philadelphia, Pa., on Wednesday, Feb. 24, 2021. Spirit announced on Thursday, July 7, 2022, that it would again postpone a vote on the proposed merger with Frontier, a sign that it lacks shareholder support for the merger in the face of a rival bid by JetBlue Airways. Spirit delayed the vote by a week, until July 15. (AP Photo/Matt Rourke, File)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

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.

© Copyright 2023 Associated Press. All rights reserved

Business

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

66°F Sunny Feels like 66°
Wind
7 mph SW
Humidity
47%
Sunrise
Sunset

Tonight

A few clouds. Low around 50F. Winds N at 5 to 10 mph.
50°F A few clouds. Low around 50F. Winds N at 5 to 10 mph.
Wind
6 mph N
Precip
10%
Sunset
Moon Phase
Waxing Gibbous