JetBlue, Spirit ending $3.8B deal to combine after court ruling blocked their merger
JetBlue and Spirit Airlines are ending their proposed $3.8 billion combination after a court ruling blocked their merger.
JetBlue said Monday that even though both companies still believe in the benefits of a combination, they felt they were unlikely to meet the required closing conditions before the July 24 deadline and mutually agreed that terminating the deal was the best decision for both.
The Justice Department sued to block the merger last year, saying it would reduce competition and drive up fares, especially for travelers who depend on low-fare Spirit.
In January, a federal district judge in Boston sided with the government and blocked the deal, saying it violated antitrust law.
The airlines had appealed the ruling. The appeal hearing had been set for June.
More Stories
HMRC checks 45 million PAYE accounts as P800 letters go out
HMRC is reviewing around 45 million PAYE accounts to identify people who have paid too much or too little income...
London’s female founders pass £100m in Start Up Loans
Female-founded businesses in London have borrowed £100m through the British Business Bank’s Start Up Loans programme, the bank has confirmed,...
Why Successful Investors Focus on Capital Preservation Before Profit
Successful investors prioritise capital preservation because unnecessary losses reduce the amount available to generate future returns. A damaged portfolio must...
Caudwell and Rose warn Britain is training entrepreneurs for export
John Caudwell, the Phones 4u founder, and Lord Stuart Rose, the former chief executive of Marks and Spencer, have joined...
Profits almost halve at Britain’s 100 biggest restaurant groups
Profits at Britain’s 100 biggest restaurant groups have fallen by almost half in the past year as hospitality businesses grapple...
Business rates review to reset how pubs and hotels are valued
Andy Burnham has launched a review into how business rates are calculated for pubs and hotels, in an attempt to...