Business

JetBlue Agrees to Buy Spirit for $3.8 Billion

Published

2 years ago

July 28, 2022

FILE - A Spirit Airlines jet approaches Philadelphia International Airport in Philadelphia, Pa., on Wednesday, Feb. 24, 2021. Spirit announced on Thursday, July 7, 2022, that it would again postpone a vote on the proposed merger with Frontier, a sign that it lacks shareholder support for the merger in the face of a rival bid by JetBlue Airways. Spirit delayed the vote by a week, until July 15. (AP Photo/Matt Rourke, File)

NEW YORK, N.Y. (AP) — JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation’s fifth largest airline if approved by U.S. regulators.

The agreement Thursday comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.

“This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth.” JetBlue CEO Robin Hayes said in a statement.

The combined airline, which will be based in New York and led by Hayes, would have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes.

JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There’s also a ticking fee of 10 cents per month starting in January 2023 through closing.

If the transaction is completed before December 2023, the deal will be for $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction closes at the outside date in July 2024.

If the deal doesn’t close due to antitrust reasons, JetBlue will pay Spirit a reverse break-up fee of $70 million and stockholders of Spirit a reverse break-up fee of $400 million less any amounts paid to stockholders of Spirit prior to termination.

News of the JetBlue and Spirit combination comes after weeks of Frontier and JetBlue tussling over who would ultimately get to add the budget airline to its arsenal. While Spirit initially struck a deal with Frontier and had stood by that proposed agreement, its shareholders were not on board. The decision by Spirit and Frontier to terminate their deal was announced Wednesday while Spirit shareholders were still voting on the proposal. It was apparent that despite the support of Spirit’s board, shareholders were prepared to reject the deal and seek a richer one from JetBlue.

JetBlue anticipates $600 million to $700 million in annual savings once the transaction is complete. Annual revenue for the combined company is anticipated to be about $11.9 billion, based on 2019 revenues.

JetBlue and Spirit will continue to operate independently until after the transaction closes. Their respective loyalty programs remain unchanged and customer accounts will not be affected in any way.

The deal still needs the required regulatory approvals and approval from Spirit’s stockholders. The companies expect to conclude the regulatory process and close the transaction no later than the first half of 2024.

Spirit’s stock rose more than 4% before the market open, while shares of JetBlue were up slightly.

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Business

Portada Latina Hosts Influential Gathering of Hispanic Community Leaders in Central Florida

Published

10 hours ago

December 5, 2024

Hidekel Griffin

ORLANDO, Fla. (FNN) – Central Florida recently hosted an impactful event, “Connections That Make a Difference,” bringing together Hispanic leaders from government, business, education, non-profits, and international politics. This collaborative gathering showcased the vital contributions of these sectors to the growth and empowerment of the Latino community.

The event, organized by the President and Founder of Portada Latina international magazine, marked a milestone in the magazine’s 26-year journey of advocacy and support for the Hispanic community. It celebrated the power of networking and collaboration to create lasting change in Central Florida.

Leaders at the event highlighted how their shared goals and innovative approaches have created opportunities for Latinos, reinforcing their commitment to advancing the region’s prosperity. Attendees shared stories of resilience, showcased initiatives driving economic and educational progress, and emphasized the importance of cultural representation in leadership roles.

Hidekel Griffin / Florida NationalNews

Hidekel Griffin, Florida National News’ Social Media Reporter, captured vibrant moments of the event, ensuring its essence reached a wider audience across platforms.

From fostering professional partnerships to addressing community challenges, this gathering underscored the influence and determination of Central Florida’s Hispanic leaders in shaping a better future for generations to come.

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Hidekel Griffin
Florida National News and FNN News Network
news@FloridaNationalNews.com

Business

Orlando Regional REALTOR® Association Named Florida’s Best Real Estate Trade Association for 3rd Year

Published

1 day ago

December 4, 2024

FNN NEWS

ORLANDO, Fla. (FNN) – The Orlando Regional REALTOR® Association (ORRA), the seventh largest real estate trade association in the United States, has been awarded Best Local Trade Association of the Year – Florida for the third consecutive year by the 2024 BUILD Real Estate and Property Awards.

BUILD Magazine, a renowned publication covering construction, engineering, real estate, and design industries, hosts the annual awards to recognize organizations and individuals demonstrating innovation, excellence, and commitment to client satisfaction.

A Legacy of Excellence

ORRA’s recognition reflects its leadership in innovation, growth, and diversity initiatives within the real estate industry. The organization has consistently worked to support its over 20,000 members while driving the real estate sector forward.

This year, ORRA reached a significant milestone with the grand opening of its new 45,000-square-foot headquarters. The state-of-the-art, four-story facility accommodates ORRA’s growing membership and serves as a central hub for real estate professionals across the country. It offers premier networking spaces, educational opportunities, and event venues to foster collaboration and launch transformative initiatives.

Global Expansion and Strategic Partnerships

In 2024, ORRA expanded its global reach, signing memorandums of understanding (MOUs) with Hungary, Brazil, Albania, and India, marking the highest number of agreements in a single year. The MOU with Brazil has been particularly impactful, creating opportunities for 300,000 Brazilian professionals to engage with the Orlando real estate market and fostering stronger international ties.

“2024 has been a year of growth and new beginnings for the Orlando Regional REALTOR® Association,” said Cliff Long, CEO of ORRA. “Being recognized as the best real estate trade association is a testament to the dedication and innovation of our executives and members. We’ve positioned ORRA as a national leader in the real estate industry.”

Award Criteria and Recognition

The BUILD Awards judging panel evaluated nominees based on innovation, business growth, longevity, online reputation, client feedback, and overall business performance. ORRA’s continued success demonstrates its ability to adapt to industry trends while maintaining a strong commitment to its members and community.

Impact Analysis

ORRA’s recognition as Florida’s best real estate trade association reinforces its position as an industry leader. This achievement will likely enhance its reputation both locally and globally, attracting more members, partnerships, and opportunities for innovation. Additionally, the opening of its new headquarters highlights its commitment to growth, creating significant economic and professional opportunities for its members.

Business

Mayweather Boxing + Fitness: Where Seminole County Residents Knock Out Calories

Published

3 days ago

December 2, 2024

Willie David

SEMINOLE COUNTY, Fla. (FNN BUSINESS) – The fitness landscape in Oviedo has transformed with the arrival of Mayweather Boxing + Fitness, a unique training facility that opened in 2022 at 2871 Clayton Crossing Way, Suite 1093. Inspired by the unparalleled boxing career of Floyd Mayweather, this studio offers a fresh and dynamic approach to achieving fitness goals.

A Passion Turned Business: Lisa Brodsky’s Journey

At the heart of this venture is Lisa Brodsky, a former attorney who found her calling in the fitness world. Lisa discovered Mayweather Boxing + Fitness during a family vacation and instantly felt inspired.

“Mayweather Fitness + Boxing completely changed my life,” Lisa shared. “I went from being a lawyer to co-owning a fitness gym that helps people achieve their goals while building a sense of community.”

To bring her vision to life, Lisa partnered with Kevin Nuñez, a professional boxer and four-time state champion who also serves as the studio’s operating partner and head instructor. Kevin’s extensive experience ensures that members receive authentic and effective training tailored to all fitness levels.

Source: Mayweather Boxing + Fitness

Revolutionary Fitness: A New Way to Train

Mayweather Boxing + Fitness combines the science behind Floyd Mayweather’s undefeated 21-year boxing career with modern fitness techniques. Members engage in 45- and 60-minute classes that blend boxing, strength training, and cardio conditioning, all guided by state-of-the-art smart screen technology.

This immersive experience projects Floyd Mayweather’s image during sessions, giving participants the feeling of training alongside the champion himself.

“Our classes offer fast results, intense calorie burns, and a sense of accomplishment after every session,” Lisa explained.

Classes Designed to Suit Everyone

The Oviedo location provides an array of fitness classes designed for varying skill levels and goals:

M45 Strong: Combines boxing and strength training.
MBody: A full-body, non-boxing workout.
M45 Undefeated: A fast-paced, HIIT-style boxing session.
M60 Champ: A 60-minute class fostering community and endurance.
Boxing Fundamentals: A skills-focused workshop.
M45 Advanced Bagwork: Geared for experienced boxers.

Each session can burn up to 1,000 calories, leaving participants energized and confident.

Additional Offerings and Community Impact

Mayweather Boxing + Fitness Oviedo goes beyond group classes by offering:

Personal training
Open gym access
Free weights

Lisa and Kevin aim to create more than just a gym; they strive to foster a community hub for health and wellness.

“We want members to feel like this is their second home,” Lisa said. “It’s not just about working out; it’s about building connections and inspiring others to live their best lives.”

Mayweather Boxing + Fitness: Fitness for Everyone

The Oviedo studio welcomes individuals of all fitness levels, from beginners looking to try something new to seasoned athletes seeking a challenging workout. This accessible, high-energy approach makes it a standout fitness destination in Seminole County.

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J Willie David, III
Florida National News and FNN News Network
news@FloridaNationalNews.com