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"Today is an exciting day for Frontier Airlines and Indigo Partners, americanairlines arena com as we can now embark on a new chapter in Frontier's history of providing safe, reliable and fairly americanairlines arena com priced americanairlines arena com air service," Indigo managing partner William A. Franke said in Indigo's announcement.
"As air travel costs have moved higher, demand has grown for more affordable options and more choices. One key element to Frontier's future success will be operating as an ultra low cost carrier that offers low fares," Franke said.
"This model, coupled with the Frontier touch, will ensure opportunities for the Frontier team, and provide safe and reliable ULCC air service to our communities and beyond as we grow Frontier under this vision," he said.
"With the sale of Frontier complete, Republic can now focus its full attention on its core regional jet business and continue to strengthen its relationships with its major airline partners," Republic Airways chairman, president and CEO Bryan Bedford said.
Republic bought Frontier Airlines Holdings on Oct. 1, 2009, the same year that it bought Midwest Air Group. Republic combined Frontier and Midwest under the Frontier name in 2010. But the operation of a standalone carrier didn't seem to mesh well with Republic's business of operating regional carriers to feed passengers to major carriers.
On July 29, Spirit announced that Indigo was selling americanairlines arena com its 10.07 million shares of Spirit common stock and that Franke and another Indigo principal, John R. Wilson, were resigning from the Spirit board.
"I would love to say that Spirit could carry every truly discretionary price-sensitive customer out there, but the reality we can't grow fast enough and can't grow big enough to do that," Baldanza said. "There's going to be other copycats."
Those with long memories will remember that Southwest Airlines was also interested in acquiring Frontier, americanairlines arena com which had entered bankruptcy proceedings. But pilots at Southwest and Frontier couldn't reach agreement on how they would combine their seniority lists, Southwest dropped its effort and Republic wound up the winner.
"Under the terms of the stock purchase agreement, which has been approved by the Company's board of directors, the buyer will acquire all of the outstanding shares of Frontier in a transaction valued at approximately $145 million, of which $36 million (subject to certain adjustments under the purchase agreement) is to be paid in cash for the equity of Frontier and the balance is indebtedness that will be retained by Frontier. As part of the transaction, under a separate agreement, the Company will assign to Frontier all of the Company's rights under agreements relating to the Company's Airbus A320neo order for additional cash consideration."
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