JetBlue Airways and Spirit Airlines have terminated their $3.8 billion merger agreement after losing a federal antitrust lawsuit challenging the deal. A federal judge blocked the merger in January, stating concerns about stifling competition in the airline industry.
Both airlines appealed the decision, but with low probability of approval and continued opposition from the Department of Justice, they decided to abandon the merger.
Spirit, facing financial challenges, is now focused on refinancing its debt and enhancing profitability independently. As part of the termination, JetBlue will pay Spirit $69 million, and Spirit received $425 million in prepayments during the agreement. Spirit’s shares fell 17% in premarket trading, while JetBlue’s shares were up approximately 4%.
This post was published on 4 March 2024 18:58
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