Deal For Frontier Airlines ProgressingPosted: Updated:
An Arizona private equity firm says its $145 million proposal to acquire Frontier Airlines from Indianapolis-based Republic Airways Holdings Inc. (Nasdaq: RJET) "will move forward." Indigo Partners LLC says several major conditions have been met and the deal should be finalized by the end of the month. November 6, 2013
Indigo Partners today issued the following statement on the status of its pending acquisition of Frontier Airlines from Republic Airways Holdings:
"Indigo Partners has informed Republic Airways that its planned acquisition of Frontier Airlines will move forward. Major conditions, including agreements with FAPAInvest and Barclaycard are satisfied, as are other commercial and business arrangements. An agreement has not been reached with the Association of Flight Attendants (AFA); however, Indigo has informed Republic that it will waive that condition. The transaction is expected to be finalized later this month, subject to receipt of certain regulatory approvals and other customary closing conditions."
William A. Franke, managing partner at Indigo Partners said, "We are pleased about the progress we have made to resolve major issues and move this acquisition toward closing. We look forward to completing the transaction and continuing to extend Frontier’s reach and service as a leading, nationwide ultra-low cost carrier (ULCC)."
About Indigo Partners LLC
Indigo Partners is a private equity firm established by W. A. Franke in 2003 to pursue acquisitions and strategic investments in the air transportation and related industries. The firm was a significant investor in Tiger Airways based in Singapore and Spirit Airlines based in Ft. Lauderdale, Florida, and maintains lead investments in Wizz Air Holdings, Plc, a ULCC with multiple bases in Central and Eastern Europe and Volaris Airlines, a ULCC based in Mexico City. Indigo Partners is headquartered in Phoenix, Arizona.
Source: Indigo Partners LLC