Frontier Buying Spirit Airlines In $3B Deal
Newsy
The companies foresee adding 10,000 direct jobs and thousands of additional jobs at their business partners by 2026.
Frontier is buying Spirit Airlines in a $2.9 billion cash-and-stock deal that will create the nation's fifth-largest carrier. Even more ultra-low fares! Spirit to combine with Frontier, creating America’s most competitive ultra-low fare airline. Together, we’ll invest in innovation & growth bringing more ultra-low fares to travelers in the U.S., Latin America & the Caribbean.https://t.co/S31kp6UvFc pic.twitter.com/yhumBxK4Js
The tie-up is valued at $6.6 billion when accounting for the assumption of debt and other liabilities.
The companies said Monday that the transaction will provide more low-cost fares for more travelers to destinations in the U.S., Latin America and the Caribbean. Frontier Group Holdings Inc. and Spirit Airlines Inc. also anticipate $1 billion in annual consumer savings and are looking to expand their services with more than 350 aircraft on order.
