Jetblue to Buy Spirit for $3.8 Billion to Create a National Low-Fare Airline

JetBlue to Acquire Spirit. Together, JetBlue and Spirit will bring together the best of both airlines to create the fifth largest domestic airline – a national, customer-centric, low-fare alternative to the dominant “Big Four” airlines.


  • Spirit Airlines agreed to sell itself to JetBlue Airways for $3.8 billion.
  • Combination set to bring JetBlue’s unique blend of low fares and great service to more customers on more routes system wide.
  • JetBlue terminates its all-cash tender offer to acquire Spirit common stock

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Jetblue to Buy Spirit Airlines for 3.8 Billion

JetBlue Airways, a major American low-cost airline, and Spirit Airlines, a major American ultra-low-cost carrier, on 28 July announced that their boards of directors have approved a definitive merger agreement under which JetBlue will acquire Spirit for $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing, for an aggregate fully diluted equity value of $3.8 billion and an adjusted enterprise value of $7.6 billion.

JetBlue + Spirit: Will maintain the much-loved JetBlue brand

“We are excited to deliver this compelling combination that turbocharges our strategic growth, enabling JetBlue to bring our unique blend of low fares and exceptional service to more customers, on more routes,” said Robin Hayes, chief executive officer, JetBlue.“We look forward to welcoming Spirit’s outstanding Team Members to JetBlue and together creating a customer-centric, fifth-largest carrier in the United States. Spirit and JetBlue will continue to advance our shared goal of disrupting the industry to bring down fares from the Big Four airlines. This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for Crewmembers, and expand our platform for profitable growth.”

“Combining with Spirit will give JetBlue an even larger platform to deliver on our mission to inspire humanity,” said Peter Boneparth, chair of the board, JetBlue. “With the best Crewmembers and Team Members in the industry, our Board and leadership team look forward to building long-term sustainable value for all our stakeholders as an even stronger, more competitive low-fare airline.”

Ted Christie, president and chief executive officer, Spirit, said, “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. Bringing our two airlines together will be a game changer, and we are confident that JetBlue will deliver opportunities for our Guests and Team Members with JetBlue’s unique blend of low fares and award-winning service. We especially appreciate the commitment of our Spirit Family throughout this process. Today’s exciting announcement reflects JetBlue’s admiration for Spirit and a shared belief in what the combined airline can bring for our Guests.”

“We are pleased that the Spirit Board of Directors’ robust and diligent process has delivered additional value to our stockholders,” said Mac Gardner, chairman of the board, Spirit. “This is a compelling combination that provides meaningful protections for stockholders against an adverse regulatory outcome with a significant cash premium that reflects the continued hard work and dedication of the Spirit Family.”

JetBlue + Spirit:

At closing, a combined JetBlue-Spirit will be the fifth largest domestic airline, bringing JetBlue’s unique combination of low fares and award-winning customer service to more fliers. Together, JetBlue and Spirit will have:

  • $11.9B annual revenue
  • 77M annual customers
  • 1,700+ daily flights
  • 127 unique destinations
  • 458 aircraft, 300+ order book
  • 106B available seat miles (ASM)

JetBlue Confident in Regulatory Approval:

JetBlue is highly confident that its proposed transaction with Spirit would be approved on a timely basis and that a JetBlue transaction has a similar regulatory profile to the Frontier transaction.

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