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Joele Frank represents Frontier Airlines and Sard Verbinnen & Co. handles Spirit Airlines as the “ultra-low” cost carriers combine to create the nation’s fifth largest airline with $6.6B revenues.
Frontier shareholders will own 51.5 percent of the merged airline and its chairman William Franke will lead a committee to select the management team, branding and headquarters city of the combined carrier.
Frontier/Spirit promise to expand service to underserved small- and mid-sized cities across the US and add 10K new employees by 2026.
Joele Frank, Wilkinson Brimmer Katcher’s Ed Trissel and Joseph Sala work the Frontier business, while Sard Verbinnen’s Andrew Cole, Robin Weinberg and Columbia Clancy handle Spirit.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
