Spirit Airlines shareholders are approving a $3.8 billion sale of the company to JetBlue Airways.
Spirit Airlines shareholders voted Wednesday to accept a $3.8 billion buyout from JetBlue Airways, but the deal could still face a challenge from federal antitrust regulators.
Wall Street widely expected shareholders to approve the sale after they forced Spirit to drop a proposed merger with Frontier Airlines in favor of JetBlue's richer, all-cash offer. JetBlue is expected to repaint Spirit planes and fold its pilots and other employees into the JetBlue workforce. The deal would make New York-based JetBlue the nation's fifth-biggest airline with more than 450 planes and about 7,000 pilots and - it hopes - help it win customers from the bigger airlines.
The outcome of the NEA trial could have a huge impact on whether the Justice Department lets JetBlue buy Spirit or sues to block the sale, according to Florian Ederer, an antitrust expert and economics professor at Yale University. JetBlue CEO Robin Hayes has said he is confident of winning regulatory approval to buy Spirit. The airlines hope to close the sale in the first half of 2024.
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