What does JetBlue buying Spirit mean?
What does JetBlue buying Spirit mean? JetBlue said the deal would result in annual savings of $600 million to $700 million. The acquisition would accelerate JetBlue's growth with 1,700 flights to more than 125 destinations in 30 countries, based on December 2022 schedules.
Is Spirit Airlines getting better?
Despite comedians' digs, Spirit has improved its reliability in recent years — and is faring better than JetBlue by some measures. JetBlue came in last among 10 airlines in on-time arrivals this year through May, while Spirit ranked seventh, according to the Transportation Department's latest available data.
Why is Biden suing JetBlue?
March 7, 2023, at 10:58 a.m. The Biden administration sued to block JetBlue Airways' $3.8 billion purchase of Spirit Airlines, saying Tuesday that the deal would reduce competition and drive up air fares for consumers.
Why was JetBlue and Spirit merger Cancelled?
In July 2022, while this initial DOJ antitrust lawsuit was still pending, JetBlue finalized its ignominious hostile takeover of Spirit Airlines — a deal which was initially rejected by Spirit's board of directors based on antitrust concerns.
What happens to Spirit stock after merger?
If the merger ultimately gains approval, Spirit Airlines shareholders would be in line for a $29.85 per share payout next year -- plus $0.10 monthly payments until then.
Who is JetBlue owned by?
Institutional investors own Jet Blue. Robin Hayes took over as the company President in 2014 and then, nearly a year later, assumed the role of the Chief Executive Officer (CEO). Robin Hayes has the top individual ownership of the airline's shares, owning more than 823,000 shares.
Why is JetBlue being sued?
JetBlue Airways could raise fares on some routes by up to 40% if it succeeds in buying Spirit Airlines and eliminating the low-fare carrier as a competitor on those routes, according to lawyers who are suing the airline to block the deal.
Did the US sue to block JetBlue from buying Spirit Airlines?
DOJ sues to block JetBlue from buying Spirit Airlines The Biden administration sued on Tuesday to block the $3.8 billion purchase, saying the deal would reduce competition and drive up air fares for consumers.