JetBlue pulls out of deal to buy Spirit Airlines
CNN
JetBlue Airways announced Monday it is pulling out of its deal to purchase Spirit Airlines.
JetBlue Airways announced Monday it is pulling out of its deal to purchase Spirit Airlines. The decision comes in the wake of a federal court ruling blocking the deal from taking place on antitrust grounds. The Justice Department had argued that airfares could go up if Spirit was no longer an independent airline. Spirit has been a leader in the segment of the airline industry that offers very low, no-frills base fares that required passengers to pay extra for everything, including carry-on baggage. JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal, JetBlue said. While the companies had appealed the judge’s ruling blocking the deal, JetBlue and Spirit both issued statements saying it had become clear they wouldn’t be able to overcome the legal obstacles to complete the merger. “Given the hurdles to closing that remain, we decided together that both airlines’ interests are better served by moving forward independently,” said JetBlue CEO Joanna Geraghty.
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