JetBlue Abandons Troubled $3.8 Billion Deal for Spirit Air (2)

JetBlue Airways Corp. formally abandoned its pursuit of Spirit Airlines Inc. more than a month after a federal judge blocked the $3.8 billion acquisition on antitrust grounds.

The carriers reached an agreement to walk away after determining that required legal and regulatory approvals “were unlikely to be met” by dates specified in the deal, JetBlue said Monday in a statement. The company — which is also facing pressure from activist investor Carl Icahn to return to sustainable growth — will pay Spirit $69 million and the agreement resolves all outstanding matters related to the deal.