M&A · Industrials · Air Transportation, Scheduled
JetBlue Airways Corp to acquire Spirit Airlines, Inc.
Announced Jul 28, 2022 · Terminated Mar 4, 2024
Deal value$3.80BEV $5.75B
Premium37.9%To unaffected price
EV / Adj. EBITDA37.8x1.5x EV / Revenue
ConsiderationAll cash$33.50 per share
Transaction
- Acquirer
- JetBlue Airways Corp (JBLU)
- Target
- Spirit Airlines, Inc. (SAVE)
- Buyer type
- Strategic
- Offer price per share
- $33.50
- Enterprise value
- $5.75B
- Status
- Terminated Mar 4, 2024
Deal protections
- Break fee (target pays)
- $94.2M · 2.5%
- Reverse fee (buyer pays)
- $200M · 5.3%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, BofA Securities, BNP Paribas, Credit Suisse, Credit Agricole, SMBC Nikko +1
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Barclays, Morgan Stanley
- Barclays fee
- $3.0M
- Morgan Stanley fee
- $20.0M
Sector context · Industrials
- Comparable deals
- 72 in the prior 24 months
- Premium
- 37.9% vs. 47.4% sector median
- EV / Adj. EBITDA
- 37.8x vs. 11.0x sector median
- Break fee
- 2.5% vs. 2.8% sector median
Timeline
- AnnouncedJul 28, 2022
- Proxy filedAug 25, 2022
- Definitive proxySep 12, 2022
- Shareholder voteOct 20, 2022
- TerminatedMar 4, 2024
Valuation · fairness opinions
Trading comparablesBarclays$16.00$20.00
Trading comparablesBarclays$7.00$17.00
Discounted cash flowBarclays$26.00$55.00
Trading comparablesMorgan Stanley$7.00$17.50
Trading comparablesMorgan Stanley$16.25$20.25
Discounted cash flowMorgan Stanley$26.00$48.25
Future share priceMorgan Stanley$24.00$42.75
Future share priceMorgan Stanley$38.75$46.75
Offer $33.50
Implied value per Spirit Airlines, Inc. share by analysis, from Barclays and Morgan Stanley.