Frontier × Spirit Merger Pitch Deck

In Feb 2022, Frontier Airlines and Spirit Airlines, agreed to merge. The deal would give Frontier a 51.5% controlling stake in the combined airline. Spirit investors would receive 1.9126 shares of Frontier plus $2.13 in cash for each share they own, giving Spirit shareholders an implied value of $25.83 per share.

JetBlue came knocking and offered to buy the budget airline outright for about $3.8 billion and a better deal of $33.50 per share. The proposal represented a 68% premium to the implied value of the Frontier stock and cash transaction. JetBlue also spent weeks urging Spirit shareholders to turn the Frontier offer down. They published this document to convince shareholders that the JetBlue deal offers stakeholders more value, more certainty and more opportunity.

In July 2022, Spirit and Frontier canceled their merger agreement, as the deal failed to gain the support of Spirit's shareholders. JetBlue and Spirit also ended their merger plan after a federal judge blocked the deal.

$3.8B • 2022 • Acquisition