JetBlue Airways Announces a Definitive Merger Agreement to Acquire Spirit Airlines

Shearman & Sterling is advising JetBlue Airways (NASDAQ: JBLU) as it announces a definitive merger agreement to acquire Spirit Airlines (NYSE: SAVE) for $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and additional “ticking fee” prepayments of $0.10 per share in cash starting in January 2023 through closing, for approximately $3.8 billion and an enterprise value of $7.6 billion.

The Shearman & Sterling team below was supported by associates Jake Shaughnessy, Jess Gorski, Andrew Calamari (all New York-M&A), and Austin Grossfeld (New York-Tax).