The Clap
Following months of a merger saga, JetBlue has reached an agreement with Spirit Airlines over a takeover.
The Deets
According to CNBC, JetBlue and Spirit have reached an agreement over a $3.8 billion takeover after a merger deal between Spirit and Frontier was scrapped.
JetBlue says that buying Spirit would fast-track its growth by giving it access to more Airbus jetliners and pilots and help it compete with large carriers
The takeover agreement faces obstacles from the Justice Department, which opt against consolidation. The Justice Department had vowed a strong response to deals it considers anti-competitive.
What about Frontier?
Spirit has to pay Frontier $25 million in merger-related costs because of the terminated agreement, according to Frontier.
JetBlue strike agreement with Spirit 🤝
