Frontier Airlines, Spirit Airlines announce merger into new low-cost airline

“This transaction is centered around creating an aggressive ultra-low fare competitor to serve our guests even better, expand career opportunities for our team members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public," Christie said.

The combined carrier will add 10,000 jobs by 2026 and will bring in 350 aircraft, Spirit said. The airline will serve over 145 destinations across the United States, Latin America and the Caribbean. According to Spirit's announcement, existing Frontier equityholders will own approximately 51.5%, and existing Spirit equityholders will own approximately 48.5% of the combined airline.