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US to make antitrust announcement amid expectations of JetBlue lawsuit

World

07-03-2023 | 11:06

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US to make antitrust announcement amid expectations of JetBlue lawsuit

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The US Justice Department said on Tuesday it would make an announcement on an antitrust matter amid expectations that it would sue to stop JetBlue Airways (JBLU.O) from buying Spirit Airlines (SAVE.N).

JetBlue had said Monday it was expecting an antitrust lawsuit this week. The company said it expected the deal to close in early 2024, leaving time for litigation if necessary.

The announcement is scheduled for 11:30 a.m. (1630 GMT), the Justice Department said in an advisory.

JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July.

From the beginning, JetBlue's acquisition of Spirit had been expected to face a tough antitrust review because the four biggest carriers - American Airlines (AAL.O), United Airlines (UAL.O), Delta Air Lines (DAL.N) and Southwest Airlines (LUV.N) - control 80 percent of the US domestic market.

JetBlue has argued that the merger, which would create the fifth largest US airline with a market share of 9 percent, was good for competition and would allow it to better compete with the big airlines.

Department of Justice

Antitrust

Announcement

Joe Bide

US

President

Expectations

JetBlue

Lawsuit

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