Frontier Airlines and Spirit Airlines announced a merger that would create the fifth-largest airline in the U.S. and made their stock prices jump on Wall Street early Monday.
FILE PHOTOS - A Spirit Airlines Airbus A319 at McCarran International Airport, Las Vegas, on Jan. 14, 2020. Frontier Airlines Airbus A320 takes off from Los Angeles International AirpoFrontier Airlines and Spirit Airlines announced a merger on Monday in a $2.9 billion cash-and-stock deal that would create the fifth-largest airline in the United States, making Spirit Airlines’ stock soar on Wall Street. is buying Spirit in a deal valued at $6.
Frontier Group Holdings Inc. and Spirit Airlines Inc. also anticipate $1 billion in annual consumer savings and are looking to expand their services with more than 350 aircraft on order. "At the same time, we have complementary footprints and fleets, including one of the youngest and greenest fleets worldwide," Gardner said in a statement. "Together, we will be even more competitive for our Guests and our Team Members, and we are confident we can deliver on the benefits of this combination to consumers."
Spirit shareholders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own. This implies a value of $25.83 per Spirit share at Frontier’s closing stock price of $12.39 on Friday.
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