JetBlue scraps $3.8 billion deal to buy Spirit Airlines
CBSN
JetBlue Airways is ending its quest to buy Spirit Airlines more than a month after a federal judge blocked the $3.8 billion deal because of antitrust concerns.
The carriers agreed to scrap the merger after determining they were unlikely to secure the mandatory legal and regulatory approvals in time proceed with the deal, JetBlue announced on Monday. It will pay Spirit $69 million to resolve any remaining matters related to their failed merger.
"Given the hurdles to closing that remain, we decided together that both airlines' interests are better served by moving forward independently," JetBlue CEO Joanna Geraghty said in a statement.
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