JetBlue has more than 280 planes. Spirit had 173 at the start of 2022, and has orders to receive another 120 from Airbus through 2027, according to regulatory...
The New York-based airline contends combining with Spirit would lead to lower fares by creating “the most compelling national low-fare challenger” to the nation’s four biggest airlines: American, Delta, United and Southwest.JetBlue has more than 280 planes. Spirit had 173 at the start of 2022, and has orders to receive another 120 from Airbus through 2027, according to regulatory filings.
JetBlue said late Tuesday that it will seek to upend a $2.9 billion offer by Frontier Airlines that was supported by Spirit’s CEO when that deal was announced in February. There could be a bidding war — Frontier declined to say Wednesday whether it will sweeten its offer now that JetBlue has jumped in.So far, investors are underwhelmed by the JetBlue move. They sent JetBlue shares down nearly 9% on Wednesday and more than 15% since news of the offer broke.
JPMorgan analyst Jamie Baker said the merits of a JetBlue-Spirit merger are not as clear as other possible U.S. airline combinations, although it would let JetBlue expand faster than it could otherwise do in growth markets like South Florida and Los Angeles. Raymond James analyst Savanthi Syth downgraded her rating on JetBlue shares to “market perform.” She said “airline mergers are never easy,” combining workforces will be hard, JetBlue will add debt, and the whole exercise could distract from JetBlue’s budding partnership with American Airlines in the Northeast.
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