New York-based JetBlue's acquisition of Spirit faced a high hurdle with regulators from the start, and the airline on Monday said it expected DOJ action this week.
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In July 2022, JetBlue Airways announced its plan to acquire Spirit Airlines in a $3.8 billion transaction. The DOJ's trial to block the merger begins on October 30, 2023, in the District Court of Massachusetts in Boston.
Originally the company was founded in 1964 as the Clipper Trucking Company, with the airline service starting in 1980 as Charter One, a Detroit-based charter flight company. In 1992, the company changed its name to Spirit Airlines and commenced its first scheduled flights within the United States.
Streamlined fleet: Unlike large airlines, carriers like Spirit operate a single family of aircraft, meaning they can streamline training and reduce supply chain costs. Spirit planes are also newer and more fuel efficient, a Spirit representative told Cheapism.
The big four US airlines - American Airlines, Southwest Airlines, Delta Airlines and United Airlines - have by far the most capacity, accounting for 74% of US airline seats, a total of just under 73 million between them.
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.