M&A · Industrials · Air Transportation, Scheduled
Frontier Group Holdings, Inc. to acquire Spirit Airlines, Inc.
Announced Feb 7, 2022 · Terminated
Deal value$2.90BEV $4.61B
Premium19.0%To unaffected price
EV / Adj. EBITDA30.3x1.7x EV / Revenue
ConsiderationCash and stock$25.83 per share
Transaction
- Acquirer
- Frontier Group Holdings, Inc. (ULCC)
- Target
- Spirit Airlines, Inc. (SAVE)
- Buyer type
- Strategic
- Offer price per share
- $25.83
- Enterprise value
- $4.61B
- Status
- Terminated
Deal protections
- Break fee (target pays)
- $94.2M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Citigroup
- To the target
- Barclays, Morgan Stanley
Sector context · Industrials
- Comparable deals
- 53 in the prior 24 months
- Premium
- 19.0% vs. 42.5% sector median
- EV / Adj. EBITDA
- 30.3x vs. 11.2x sector median
- Break fee
- 3.2% vs. 2.8% sector median
Timeline
- AnnouncedFeb 7, 2022
- Proxy filedMay 11, 2022
- Definitive proxyMay 11, 2022
- Shareholder vote—
- Terminated—