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FrontierandSpirit Airlinesare joining forces.
The two airline companies announced in apress releaseon Monday that they have agreed to merge in a deal that is valued at $6.6 billion.
The boards of both companies, which operate the two largest low-cost airlines in the United States, approved the deal over the weekend,CNBCreported.
Once merged, Frontier and Spirit Airlines will become the nation’s fifth-largest airline. The companies now hope that the deal will allow them to compete against their biggest competitors.
Currently, the “Big Four” airlines — American Airlines, Delta Air Lines, Southwest Airlines and United Airlines — dominate the industry, perThe Washington Post.
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“Together, Frontier and Spirit expect to change the industry for the benefit of consumers, bringing more ultra-low fares to more travelers in more destinations across the United States, Latin America and the Caribbean, including major cities as well as underserved communities,” the companies said in the press release.
“We are thrilled to join forces with Frontier to further democratize air travel,” Spirit president and CEO Ted Christie said in a statement. “This transaction is centered around creating an aggressive ultralow fare competitor to serve our Guests even better, expand career opportunities for our Team Members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public.”
Added Barry Biffle, Frontier’s president and CEO: “Together, Frontier and Spirit will be America’s Greenest Airline and deliver more ultralow fares to more people in more places.”
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Once the two airlines are combined, they said they will offer more than 1,000 daily flights to more than 145 destinations in 19 countries. The airlines also noted that they will “deliver $1 billion in annual consumer savings” and “add 10,000 direct jobs,” in addition to “thousands of additional jobs at the companies' business partners.”
source: people.com
