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Investor Information

Superior Value Creation for Shareholders

The combination of Spirit Airlines and Frontier Airlines is expected to deliver enhanced value to shareholders of both companies.

  • On a combined basis, the company would have annual revenues of ~$5.3 billion based on 2021 results.
  • Once combined, Frontier and Spirit expect to deliver annual run-rate operating synergies of $500 million once full integration is completed, which will be primarily driven by scale efficiencies and procurement savings across the enterprise with ~$400 million in one-time costs.
  • The combined airline is expected to have a strengthened financial profile, with a cash balance of ~$2.4(1) billion as of the end of 2021 on a combined basis.

Key Terms

  • Spirit equity holders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own
  • The transaction structure will provide both Spirit and Frontier equity holders with substantial upside potential


  • ~51.5% shareholders

  • ~48.5% shareholders

Combined Leadership & Governance

  • 12 Directors (including the CEO)
  • 7 named by Frontier Airlines
  • 5 named by Spirit Airlines
  • William A. Franke, Chairman of the Frontier Board will serve as Chairman of the Board of the combined company

Expected Closing

  • Completion anticipated in the second half of 2022
  • Subject to satisfaction of customary closing conditions, including completion of the regulatory review process and approval by Spirit stockholders

(1) Pro forma unrestricted cash balance includes unrestricted cash, cash equivalents, and short-term investments and excludes transaction-related costs.