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Kekst CNC advised JetBlue Airways as it agreed to buy Spirit Airlines, ending a bidding war with Frontier Airlines for the discount carrier.
JetBlue will pay $33.50 per share for Spirit, a price that values the deal in the $3.8B range.
Spirit and Frontier terminated their merger pact on July 27.
JetBlue says the deal will create the nation’s fifth largest airline with the customer-centric, low-fare alternative to challenge the Big Four (United, American, Delta and Southwest) carriers.
CEO Robin Hayes claims the combination will result in lower fares for passengers, an expanded service network, more opportunities for employees, and an enhanced platform for profitable growth.
He expects the deal will receive required regulatory approval by no later than the first half of 2024.
FGS Global handled Spirit.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
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.
