JetBlue Airways acquired Spirit Airlines for $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing, for an aggregate fully diluted equity value of $3.8 billion and an adjusted enterprise value of $7.6 billion.

“We are excited to deliver this compelling combination that turbocharges our strategic growth, enabling JetBlue to bring our unique blend of low fares and exceptional service to more customers, on more routes,” Robin Hayes, CEO of JetBlue, said. “We look forward to welcoming Spirit’s outstanding team members to JetBlue and together creating a customer-centric, fifth-largest carrier in the United States. Spirit and JetBlue will continue to advance our shared goal of disrupting the industry to bring down fares from the big four airlines. This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers and expand our platform for profitable growth.”

“Combining with Spirit will give JetBlue an even larger platform to deliver on our mission to inspire humanity,” Peter Boneparth, chair of the board at JetBlue, said. “With the best crewmembers and team members in the industry, our board and leadership team look forward to building long-term, sustainable value for all our stakeholders as an even stronger, more competitive low-fare airline.”

“We are thrilled to unite with JetBlue through our improved agreement to create the most compelling national low-fare challenger to the dominant U.S. carriers, and we look forward to working with JetBlue to complete the transaction,” Ted Christie, president and CEO of Spirit Airlines, said. “Bringing our two airlines together will be a game changer, and we are confident that JetBlue will deliver opportunities for our guests and team members with JetBlue’s unique blend of low fares and award-winning service. We especially appreciate the commitment of our Spirit family throughout this process. Today’s exciting announcement reflects JetBlue’s admiration for Spirit and a shared belief in what the combined airline can bring for our guests.”

“We are pleased that the Spirit board of directors’ robust and diligent process has delivered additional value to our stockholders,” Mac Gardner, chairman of the board at Spirit Airlines, said. “This is a compelling combination that provides meaningful protections for stockholders against an adverse regulatory outcome with a significant cash premium that reflects the continued hard work and dedication of the Spirit family.”