MIRAMAR,
Fla., March 4, 2024 /PRNewswire/ -- Spirit
Airlines, Inc. ("Spirit") (NYSE: SAVE) today announced that its
merger agreement with JetBlue Airways Corporation has been
terminated by mutual agreement.
"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," said Ted Christie,
Spirit's President and Chief Executive Officer. "We are
disappointed we cannot move forward with a deal that would save
hundreds of millions for consumers and create a real challenger to
the dominant "Big 4" U.S. airlines. However, we remain confident in
our future as a successful independent airline. We wish the JetBlue
team well."
Christie continued, "Throughout the transaction process, given
the regulatory uncertainty, we have always considered the
possibility of continuing to operate as a standalone business and
have been evaluating and implementing several initiatives that will
enable us to bolster profitability and elevate the Guest
experience. As we go forward, I am certain our fantastic Spirit
team will continue delivering affordable fares and great
experiences to our Guests."
Spirit is confident in its strengths and is focused on returning
to profitability. The Company has been taking, and will continue to
take, prudent steps to ensure the strength of its balance sheet and
ongoing operations, including assessing options to refinance
upcoming debt maturities. In that regard, Spirit has retained
Perella Weinberg & Partners L.P.
and Davis Polk & Wardwell LLP as
advisors. As part of the termination, JetBlue will pay Spirit
$69 million. While the merger
agreement was in effect, Spirit stockholders received approximately
$425 million in total
prepayments.
About Spirit Airlines
Spirit Airlines (NYSE: SAVE) is committed to delivering the best
value in the sky. We are the leader in providing customizable
travel options starting with an unbundled fare. This allows our
Guests to pay only for the options they choose — like bags, seat
assignments, refreshments and Wi-Fi — something we call À La
Smarte®. Our Fit Fleet® is one of the
youngest and most fuel-efficient in the
United States. We serve destinations throughout the U.S.,
Latin America and the Caribbean, making it possible for our Guests
to venture further and discover more than ever before. We are
committed to inspiring positive change in the communities where we
live and work through the Spirit Charitable Foundation. Come save
with us at spirit.com.
Investor inquiries:
DeAnne Gabel
(954) 447-7920
investorrelations@spirit.com
Media inquiries:
Spirit Media Relations
Media_Relations@spirit.com
or
FGS Global
Robin Weinberg / Emily Claffey /
Bridget Stephan
(212) 687-8080
Spirit@FGSGlobal.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spirit-announces-termination-of-merger-agreement-with-jetblue-302078477.html
SOURCE Spirit Airlines, Inc.