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.
“If win the case, and the judge thinks the NEA does not harm consumers enough, it’s almost guaranteed that there will be an antitrust challenge to the Spirit acquisition,” Ederer said. Spirit and Frontier announced their planned merger in February. Both are so-called ultra-low-cost carriers that charge lower fares than other airlines but tack on more fees to make up some of the difference.
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