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.