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.