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JetBlue and Spirit Call Off Their $3.8 Billion Merger
(www.nytimes.com)
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this post was submitted on 05 Mar 2024
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Politics
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JetBlue Airways and Spirit Airlines announced on Monday that they would not seek to overturn a court ruling that blocked their planned $3.8 billion merger.The Justice Department hailed the termination of the deal on Monday, calling it “a victory for U.S. travelers who deserve lower prices and better choices.”
“We are proud of the work we did with Spirit to lay out a vision to challenge the status quo, but given the hurdles to closing that remain, we decided together that both airlines’ interests are better served by moving forward independently,” JetBlue’s chief executive, Joanna Geraghty, said in a statement on Monday.
“JetBlue has made several valiant attempts and has stretched this deal out as a long as possible — they had to provide certainty for their shareholders and employees,” said Brad Haller, a partner at the consulting firm West Monroe.
Spirit’s chief executive, Ted Christie, said in a statement Monday that “given the regulatory uncertainty, we have always considered the possibility of continuing to operate as a stand-alone business” and have been thinking of ways to bolster profits.
Buying the airline would quickly allow other carriers to become bigger at a time when airport gates and takeoff and landing slots are in short supply in many popular U.S. destinations.
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