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.
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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.
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