Market News

Spirit Investors Give Nod to JetBlue Deal

Investors of Spirit Airlines (NYSE:SAVE) have given a nod to its $3.8 billion merger with JetBlue Airways (NASDAQ:JBLU) with over half of Spirit’s outstanding common shares voting in favor of the deal.

The final consummation of the transaction remains subject to closing conditions (including regulatory approvals).

The two parties expect the transaction to close no later than H1 2024. At the same time, clearing regulatory hurdles could prove to be an uphill task, and while Spirit’s investors stand to make $33.50 per share in cash plus a ticking fee of 10 cents a month per share during regulatory review, the current ~$19.8 stock price indicates the regulatory risk to the transaction.

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