JetBlue (JBLU) and Spirit (SAVE) Finally Agree to Merge After Grueling Battle
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JetBlue wins Spirit takeover battle with $3.8 billion deal
July 28, 2022 6:35 AM EDTBy Rajesh Kumar Singh and Abhijith Ganapavaram
(Reuters) -JetBlue Airways Corp on Thursday prevailed in a months' long bidding war for Spirit Airlines Inc after the ultra-low-cost carrier accepted its $3.8 billion buyout deal.
The New York-based airline clinched the deal a day after Spirit terminated its $2.7 billion merger deal with Frontier Group Holdings.
JetBlue's shares were down 2.4%, while Spirit's shares were up 5.4% in afternoon trade.
With a combined market share of 9%, the acquisition would create the fifth-largest U.S. airline. JetBlue expects the deal to result in $600 million-$700 million in net annual synergies and... More
JetBlue Airways (JBLU) to Acquire Spirit (SAVE) for $33.50/sh
July 28, 2022 6:31 AM EDTJetBlue Airways Corporation (JetBlue) (NASDAQ: JBLU) and Spirit Airlines, Inc. (Spirit) (NYSE: SAVE) today 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 billion1 and an adjusted enterprise value of $7.6 billion2.
We are excited to deliver this compelling combination that... More
