JetBlue Airways and Spirit Airlines have announced that their Boards of Directors have approved a definitive merger agreement under which JetBlue will acquire Spirit for US$33.50 per share in cash, including a prepayment of US$2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of US$0.10 per month starting in January 2023 through closing, for an aggregate fully diluted equity value of US$3.8 billion and an adjusted enterprise value of US$7.6 billion.
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.” (£1.00 = US$1.22 at time of publication).
