JetBlue, which outbid Frontier Airlines, said it needed to acquire Spirit to compete more effectively against even bigger airlines.
JetBlue, Spirit Airlines to appeal federal judge's ruling that blocked their merger
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JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction.
JetBlue agrees to buy Spirit for $3.8 billion
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