Frontier Mergers and Acquisitions Presentation Deck
A Winning Combination
Transaction
Details
Board and
Leadership
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Substantial upside to both sets of equity holders: Frontier equity holders to own ~51.5% and
Spirit equity holders to own ~48.5% upon closing (1)
Spirit equity holders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing
Spirit share they own (2)
Implies a 19% premium over Spirit's February 4th, 2022 closing price, and a 26% premium based
on the 30-trading day VWAPs of Frontier and Spirit
Transaction values Spirit at a fully-diluted equity value of $2.9 billion and a transaction value of
$6.6 billion (3)
Closing expected in the second half of 2022
12 Member Board (including CEO), 7 named by Frontier and 5 named by Spirit
Chairman of the Board: Bill Franke
The combined company's management team, branding, and headquarters will be determined by
a committee led by Mr. Franke prior to close
FRONTIER spirit
(1) On a fully-diluted basis.
(2)
Based on Frontier's closing stock price of $12.39 on February 4, 2022, the consideration implies a value of $25.83 per Spirit share.
(3) When accounting for the assumption of net debt and operating lease liabilities.
FRONTIER
SICHAN
FE
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