JetBlue agreed to buy Spirit for $3.8 billion

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It would be the country's fifth-largest airline if approved by US regulators

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The deal comes a day after Spirit's failed attempt to merge with Frontier Airlines

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The combined airline, which is based in New York and managed by Hayes, will have a fleet of 458 aircraft

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The carrier will continue to operate independently until the deal is completed

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JetBlue said Thursday it will pay $33.50 per share in cash for Spirit

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This includes an upfront cash payment of $2.50 per share, paid after Spirit shareholders approve the transaction

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There is also a ticking fee of 10 cents per month from January 2023 until closing

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JetBlue expects annual savings of $600 million to $700 million after closing the deal

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The company's combined annual revenue is estimated to be around $11.9 billion based on 2019 revenue

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