Big Law
Spirit Bought Out By JetBlue for $3.8B
JetBlue Airways has agreed to buy Spirit Airlines for $3.8 billion and create the nation’s fifth-largest airline if the deal can win approval from antitrust regulators.
The agreement Thursday capped a months-long bidding war and arrives one day after Spirit’s attempt to merge with fellow budget carrier Frontier Airlines fell apart.
Spirit CEO Ted Christie was thrust into the awkward position of defending a sale to JetBlue after arguing vehemently against the deal, saying that antitrust regulators would never let it happen.
