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After a deal between Spirit Airlines and Frontier Airlines fell through, a new sales agreement was reached between Spirit and JetBlue.<\/p>\n
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JetBlue has agreed to buy the low-cost airline for $3.8 billion, The Associated Press<\/a> reported<\/p>\n The move will create the country’s fifth largest airline.<\/p>\n JetBlue will pay $33.50 per share in cash, including an upfront payment of $2.50 per share in cash once Spirit shareholders have approved the deal.<\/p>\n When the deal is done, the airline will have 458 aircraft in its fleet.<\/p>\n JetBlue and Spirit will operate independently until the deal is finalized.<\/p>\n Spirit CEO Ted Christie said Wednesday that he was disappointed that the merger with Frontier Airlines fell through, but that his company was looking to merge with JetBlue.<\/p>\n “Spirit’s board of directors will continue our ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our shareholders,” he said in a statement. AP<\/a>.<\/p>\n Frontier had offered more than $2.6 billion in stock and cash, which was lower than JetBlue’s original offer of $3.7 billion, on AP <\/a>reported<\/p>\n JetBlue said in a statement Wednesday that it was satisfied that the Spirit\/Frontier deal fell through.<\/p>\n Check back for more on this developing story.<\/p>\n \u00a92022 Cox Media Group<\/p>\n