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Odds on the JetBlue Spirit Airways Merger Getting Approval

Written by:
Aaron Goldstein
Published on:
Jul/28/2022

Gambling911.com has the odds of a JetBlue Spirit Airways merger receiving approval from the U.S. government by July 2024 set at +130.

JetBlue agreed to buy Spirit Airlines for $3.8 billion, but even Spirit had recommended to shareholders that a purchase for more money by JetBlue was less likely to receive approval from regulators.  If the deal does go through, the combined airline would become the nation's fifth largest.

“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.

Both airlines will continue to operate independently until after the transaction closes.

Should the merger happen, there would be a total fleet of 458 aircraft with JetBlue remaining based out of New York and Hayes continuing to lead the company.

If the transaction is completed before December 2023, the deal will be for $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction closes at the outside date in July 2024.

If the deal doesn’t close due to antitrust reasons, JetBlue will pay Spirit a reverse break-up fee of $70 million and stockholders of Spirit a reverse break-up fee of $400 million less any amounts paid to stockholders of Spirit prior to termination.

The deal will require regulatory approval as well as the blessing of Spirit stockholders.

- Aaron Goldstein, Gambling911.com

Business/Financial News

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