ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
A federal judge has blocked the proposed $3.8 billion merger of JetBlue Airways Corp. and Spirit Airlines, ruling that the proposal would violate antitrust laws.
Read: Veteran replaces ‘stolen’ driveway for free
William G. Young, a District of Massachusetts judge, permanently enjoined the defendant airlines from executing the proposed merger in a ruling released Tuesday. The proposed acquisition would violate Section 7 of the Clayton Act, Young wrote, and would “substantially lessen competition” and harm passengers.
JetBlue stock was up about 5% a little after 2 p.m. Tuesday, giving it a market cap of $1.7 billion. But Florida-based Spirit’s stock plummeted Tuesday, falling about 50% just after 2 p.m., giving it a $828 million market capitalization.
Click here to read the full story on the Orlando Business Journal’s website.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
©2024 Cox Media Group
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/DAVXNA7HNZF67M3XEQHDCMPWVI.png)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/CRRZTYGHBJEOZEHV5GIM4WP6XA.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/WTJSKB6N5BDXBOM66DX2WJO3DI.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/D7MRN3ZGRREQXAAI6YM7HPRAKE.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/SMZ4W4IBWJA4NBQO2F6FJLXQHA.png)