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Forbes
16 Jan 2024
Spirit Airlines’ stock plunged as much as 60% on Tuesday following news that a federal judge blocked its $3.8 billion acquisition at the hands of JetBlue Airways, scoring a win for the Justice Department, which sued JetBlue last year to stop the acquisition on antitrust grounds.
The merger was first announced in July 2022. (Photo by Smith Collection/Gado/Getty Images)
U.S. District Judge William G. Young said the proposed acquisition of Spirit would have eliminated the airline industry’s most popular discounted flight options and driven up industry prices, Bloomberg reported.
JetBlue and Spirit can still appeal the decision ahead of the July expiration of their merger agreement.
This is a developing story. Check back for updates.