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Frontier and Spirit to merge to create the fifth-largest US airline

The deal is valued at $6.6 billion.

Frontier Airlines plane at Raleigh-Durham International Airport
A Frontier Airlines plane arrives at a gate at Raleigh-Durham International Airport in North Carolina. 
Al Drago/Bloomberg via Getty Images

Frontier Airlines and Spirit Airlines, both known for their budget prices for flights, announced their merger Monday. Together the airlines hope to create a competitive low-fare airline. 

"This transaction is centered around creating an aggressive ultra-low 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," said Spirit CEO Ted Christie in a release. 

The new airline will offer 1,000 daily flights to more than 145 destinations in 19 countries, and have a fleet of over 350 aircrafts. Frontier will control 51.5% of the merged airline, while Spirit will control the remaining 48.5%. This merger would create the fifth largest airline in the US, following American, Delta, Southwest and United.  

The deal, which is valued at $6.6 billion, is expected to close in the second half of 2022 following approval from US antitrust regulators.