'I think what we can say is this combination makes a lot of sense,' SpiritAirlines CEO Ted Christie told SquawkCNBC on Monday, after the company announced a merger with Frontier.
, the two largest low-cost carriers in the U.S. have agreed to merge in a deal valued at $6.6 billion, creating what would become the fifth-largest airline in the country.
"This transaction is centered around creating an aggressive ultra-low fare competitor to serve our guests even better, expand career opportunities for our team members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public," Ted Christie, president and CEO of Miramar, Fla.-based Spirit, said in a statement announcing the deal.
For Franke, the deal is the latest in a career of making investments in and overseeing low-fare airlines around the world, including Spirit. From 2006 through 2013, Indigo Partners held a stake in Spirit with Franke serving as chair of the airline before he resigned when Indigo sold its position in the carrier. Shortly after that move, Indigo bought Frontier Airlines from Republic Airways for $145 million.
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