JetBlue Agrees To Buy Spirit Airlines For $3.8 Billion

The deal comes a day after Spirit and Frontier Airlines agreed to abandon their merger proposal.

JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation's fifth-largest airline if approved by U.S. regulators.

The agreement Thursday comes a day after Spirit's attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.

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