(DENVER BUSINESS JOURNAL) - Frontier Airlines is to be sold to a Phoenix investment firm under a deal valued at $145 million in cash and debt assumption that was finalized overnight.
And the airline's next owner announced "continued efforts to build Frontier into a leading nationwide ultra-low cost carrier" and to "invest in the airline to grow its footprint" across more markets.
Frontier's owner, Republic Airways Holdings Inc., announced the definitive agreement to sell the Denver-based carrier to Indigo Partners LLC early Tuesday.
Of the $145 million, $36 million is to be paid in cash for Frontier equity and the rest is indebtedness that will be retained by Frontier, Indianapolis-based Republic (Nasdaq: RJET) said.
Indigo also "plans to invest additional funds directly in Frontier after the closing," a Republic announcement said.
Read the full report on the Denver Business Journal here: http://bit.ly/19k02nl.
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