JetBlue and Spirit Airlines are calling off their $3.8 billion merger
JetBlue and Spirit Airlines are calling off their $3.8 billion merger
JetBlue and Spirit Airlines ended their $3.8 billion merger due to a court ruling blocking the deal, as both companies believed closing conditions wouldn't be met by the deadline.
JetBlue and Spirit Airlines ended their $3.8 billion merger due to a court ruling blocking the deal, as both companies believed closing conditions wouldn't be met by the deadline.
The Justice Department's lawsuit against the merger, citing concerns over reduced competition and higher fares, led to the court ruling favoring the government's stance.
The Justice Department's lawsuit against the merger, citing concerns over reduced competition and higher fares, led to the court ruling favoring the government's stance.
JetBlue agreed to pay Spirit $69 million as part of the termination agreement, resolving all issues between the two airlines.
JetBlue agreed to pay Spirit $69 million as part of the termination agreement, resolving all issues between the two airlines.
JetBlue's shares rose by 4.6% in pre-market trading, while Spirit Airlines' shares fell over 16% following the merger's termination.
JetBlue's shares rose by 4.6% in pre-market trading, while Spirit Airlines' shares fell over 16% following the merger's termination.
Despite the setback, JetBlue remains confident in its organic growth strategy and competitive advantages, including its brand and market presence.
Despite the setback, JetBlue remains confident in its organic growth strategy and competitive advantages, including its brand and market presence.