Republic Airways has agreed to sell Frontier Airlines to a Phoenix investment firm led by former Spirit Airlines Chairman William Franke for $36 million.
The companies put the deal's total value at about $145 million, which includes debt.
Franke's Indigo Partners LLC in Phoenix also plans to invest more money into Frontier Airlines Holdings Inc. after the buyout closes.
The acquisition is contingent on agreements being reached with the Association of Flight Attendants and FAPAInvest LLC no later than Oct. 31. It also is conditioned on other third-party commercial agreements, the receipt of some third-party consents and approval from the Federal Communications Commission for the transfer of Frontier's radio licenses.
The deal, approved by Republic's board, is expected to close in December if the appropriate conditions are met.
Republic Airways Holdings Inc. is based in Indianapolis. Frontier is based in Denver.
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