Frontier and Spirit Airlines to pull off largest airline industry merger worth $6.6 billion

The merger of two of the largest low-cost carriers in the U.S. will create the fifth largest airline in the country

According to Bill Franke, chairman of Frontier and managing partner of Indigo Partners, both companies worked to create a competitive airline in the U.S. with "ultra-low" fares to benefit consumers.

The combined company is expected to deliver $1 billion in annual savings to consumers, and is also expected to offer more than 1,000 daily flights to more than 145 destinations in 19 countries. By 2026, Spirit and Frontier plan to create 10,000 jobs.

CNBCC reports that the deal will be valued at $6.6 billion, with Frontier Airlines controlling 51.5 percent and Spirit Airlines 48.5 percent. A name for the combined company is yet to be given, as well as the location of the headquarters. Bill Franke will be chairman of the new airline.