Mar 4, 2024 - Business

JetBlue officially terminates $3.8B pursuit of Spirit

Michael Flaherty

JetBlue formally ended its troubled pursuit of Spirit Airlines more than a month after a federal judge blocked the $3.8 billion takeover on antitrust grounds.

Why it matters: The deal's demise highlights the current antitrust regime within the U.S. Department of Justice and means the two companies will have to manage through the airline industry independently.

Zoom in: JetBlue said the companies reached an agreement that will pay Spirit $69 million, and that it resolves all outstanding matters related to the deal.

"After discussing our options with our advisors and JetBlue, we concluded that current regulatory obstacles will not permit us to close this transaction in a timely fashion under the merger agreement," Spirit CEO Ted Christie said in a statement.
Christie went on to take aim at the DOJ's resistance to the deal, saying that the deal would have favored travelers and challenged the "dominant" top four U.S. airlines.

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JetBlue officially terminates $3.8B pursuit of Spirit

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