Frontier Airlines to Buy Spirit Airlines in $6.6 Billion Deal

Pending approval, the combined carrier would become the fifth largest airline in the U.S.

Monday, February 07, 2022 at 12:03 PM ET

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Frontier will maintain a controlling stake of 51.5 percent while Spirit will hold the remaining 48.5 percent. [Courtesy: Frontier Airlines]

Key Takeaways:

Frontier Airlines and Spirit Airlines are merging in a $6.6 billion deal, forming the fifth-largest airline in the U.S.
Frontier will hold a controlling 51.5% stake in the new company, which will maintain an ultra-low fare strategy.
The combined carrier expects to create up to 10,000 new direct jobs and position itself as "America's greenest airline."

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Frontier Airlines (NASDAQ: ULCC) and Spirit Airlines (NYSE: SAVE) have announced a merger that will make the new carrier the fifth largest airline in the U.S.

In a deal valued at $6.6 billion, Frontier will maintain a controlling stake of 51.5 percent while Spirit will hold the remaining 48.5 percent, the company said Monday.