Joe Raedle New York state Florida county Miami city Miami recommendations JetBlue Joe Raedle New York state Florida county Miami city Miami

JetBlue to buy Spirit for $3.8 billion, creating nation's 5th largest airline

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A Spirit Airlines plane takes off from Miami International Airport on July 27, 2022, in Miami, Florida. (Photo by Joe Raedle/Getty Images) JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation's fifth-largest airline if approved by U.S.

regulators.The agreement Thursday comes a day after Spirit's attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue."This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth." JetBlue CEO Robin Hayes said in a statement.The combined airline, which will be based in New York and led by Hayes, would have a fleet of 458 aircraft.

The airlines will continue to operate independently until after the transaction closes.RELATED: Strong dollar vs.

euro: Time to book European travel?JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction.

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