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BRIEF-JetBlue, Spirit to Create National Low-Fare Challenger to Dominant Big Four Airlines

BRIEF-JetBlue, Spirit to Create National Low-Fare Challenger to Dominant Big Four Airlines

Reuters · 07/28/2022 06:41
BRIEF-JetBlue, Spirit to Create National Low-Fare Challenger to Dominant Big Four Airlines

- JetBlue Airways Corp JBLU:

  • JETBLUE AND SPIRIT TO CREATE A NATIONAL LOW-FARE CHALLENGER TO THE DOMINANT BIG FOUR AIRLINES

  • JETBLUE AIRWAYS CORP - JETBLUE TERMINATES ITS ALL-CASH TENDER OFFER TO ACQUIRE SPIRIT COMMON STOCK

  • JETBLUE AIRWAYS CORP - PROPOSED DEAL FOR AN AGGREGATE FULLY DILUTED EQUITY VALUE OF $3.8 BILLION1

  • JETBLUE AIRWAYS CORP - TERMINATES ITS ALL-CASH TENDER OFFER TO ACQUIRE SPIRIT COMMON STOCK

  • JETBLUE AIRWAYS CORP - PROPOSED DEAL FOR ADJUSTED ENTERPRISE VALUE OF $7.6 BILLION

  • JETBLUE AIRWAYS CORP - JETBLUE EXPECTS TO ACHIEVE $600-700 MILLION IN NET ANNUAL SYNERGIES ONCE INTEGRATION IS COMPLETE

  • JETBLUE AIRWAYS CORP - COMBINED COMPANY IS PROJECTED TO HAVE ANNUAL REVENUES OF APPROXIMATELY $11.9 BILLION BASED ON 2019 REVENUES

  • JETBLUE AIRWAYS CORP - JETBLUE WILL ACQUIRE SPIRIT FOR $33.50 PER SHARE IN CASH

  • JETBLUE AIRWAYS CORP - EXPECTS TRANSACTION TO BE SIGNIFICANTLY ACCRETIVE TO EARNINGS PER SHARE IN FIRST FULL YEAR FOLLOWING CLOSING

  • JETBLUE AIRWAYS CORP - EXPECT TO CONCLUDE REGULATORY PROCESS AND CLOSE TRANSACTION NO LATER THAN FIRST HALF OF 2024

  • JETBLUE AIRWAYS CORP - EXPECTS TRANSACTION TO BE SIGNIFICANTLY ACCRETIVE TO EARNINGS PER SHARE IN FIRST FULL YEAR FOLLOWING CLOSING

  • JETBLUE AIRWAYS -DEAL INCLUDES PREPAYMENT OF $2.50/SHARE IN CASH PAYABLE UPON SPIRIT STOCKHOLDERS' APPROVAL AND TICKING FEE OF $0.10/MONTH JAN. 2023 TO CLOSING

  • JETBLUE AIRWAYS CORP - JETBLUE AND SPIRIT WILL CONTINUE OPERATING INDEPENDENTLY UNTIL CLOSING

  • JETBLUE AIRWAYS CORP - FOLLOWING COMPLETION OF ACQUISITION, COMBINED AIRLINE WILL BE BASED IN NEW YORK AND BE LED BY ROBIN HAYES

  • JETBLUE AIRWAYS CORP - JETBLUE WILL ACQUIRE SPIRIT FOR $33.50 TO UP TO $34.15 PER SHARE IN CASH

  • JETBLUE AIRWAYS CORP - JETBLUE EXPECTS TO ACHIEVE $600-700 MILLION IN NET ANNUAL SYNERGIES ONCE INTEGRATION IS COMPLETE

  • JETBLUE AIRWAYS CORP - WILL EXPAND ITS NO FURLOUGH COMMITMENT TO SPIRIT'S TEAM MEMBERS AS THEY ARE WELCOMED INTO JETBLUE AFTER CLOSING

  • JETBLUE AIRWAYS - IN UNLIKELY EVENT PROPOSED AGREEMENT IS NOT CONSUMMATED FOR ANTITRUST REASONS, WILL PAY SPIRIT A REVERSE BREAK-UP FEE OF $70 MILLION

  • JETBLUE AIRWAYS CORP - JETBLUE AND SPIRIT WILL CONTINUE OPERATING INDEPENDENTLY UNTIL CLOSING

  • JETBLUE - IF PROPOSED AGREEMENT NOT CONSUMMATED, CO TO PAY STOCKHOLDERS OF SPIRIT REVERSE BREAK-UP FEE OF $400 MILLION

  • JETBLUE - IF DEAL CONSUMMATED BY DEC. 2023, CONSIDERATION WILL BE $33.50/SHARE, INCREASING OVER TIME TO UP TO $34.15/SHARE, IF CONSUMMATED AT OUTSIDE DATE IN JULY 2024

Source text for Eikon: ID:

Further company coverage: JBLU


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