New York-based low cost airline, JetBlue Airways has offered to purchase all outstanding shares of Spirit Airlines, the fourth-largest carrier at Philadelphia International Airport (PHL), for $3.6 billion.
The offer rivals that of Frontier Airlines, which agreed to pay $2.9 billion for Spirit in February. Frontier is the second-largest carrier at PHL, trailing only American Airlines.
Frontier and Spirit’s merger would create the fifth-largest airline in the United States, with an anticipation to create 10,000 jobs.
Should its deal be accepted over Frontier’s, both airlines would fly under the JetBlue brand. JetBlue would continue to be based in New York City.
The combination of JetBlue Airways and Spirit – coupled with the incredible benefits of our Northeast Alliance with American Airlines – would be a game-changer in our ability to deliver superior value on a national scale to customers, crew members, communities, and shareholders. The transaction would accelerate our strategic growth and create sustained, long-term value for the stakeholders in both companies.
JetBlue CEO Robin Hayes
Nevertheless, both deals are still subject to regulatory and shareholder approval.