JetBlue Airways plans to acquire low-price airline Spirit Airlines for $3.8 billion, the companies announced on Thursday, in what would establish the fifth largest US airline.
The proposed takeover, which requires regulatory approval, comes a day after Spirit terminated a combination with the Frontier Group following JetBlue’s competing bid challenging the transaction.
By combining, the companies will be able to challenge major US airlines American, Delta, United and Southwest. They expect…