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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.
FGS Global represents private equity firm Thoma Bravo as it makes a $4.6B bid for Darktrace, a UK-based cybersecurity artificial intelligence firm.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
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