US low-cost carrier Frontier has agreed to acquire rival Spirit for $6.6bn, including net debt, in what would be the first large airline merger since the industry was rocked in 2020 by travel bans and lockdowns introduced to stem the spread of Covid-19.
Under the terms of the agreement on Monday, Spirit shareholders will receive 1.9126 shares of Frontier plus $2.13 in cash per Spirit share. At a $25.83 per share valuation, Spirit shareholders will be paid a 19 per cent premium over the stock’s closing price on February 4.
If the deal is approved, the new company will be 51.5 per cent owned by Frontier, while the remainder will be held by Spirit.
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