In a surprise move, JetBlue has confirmed its offer to acquire Spirit for $33 per share in cash, implying a fully diluted equity value of $3.6 billion and an adjusted enterprise value of $7.3 billion. The offer represents a 52% premium to Spirit’s Undisturbed Share Price on February 4, 2022, and a 50% Premium to Spirit’s Closing Price on April 4, 2022. JetBlue intends to fund the transaction with cash on hand and debt financing led by Goldman Sachs. In February, Frontier Airlines announced a merger with Spirit, where equity holders would receive 1.9126 shares of Frontier plus $2.13 in