Spirit/Frontier (it would be very easy to change the Spirit/Frontier product) and/or Virgin America.
Your guess?
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Now that the legacies are down to just 3 (DAL/AA/UAL), there will be consolidation amongst the LCC/Major level. Southwest already took AirTran. The only airlines left that have not merged are:
Spirit
Frontier
Virgin
JetBlue
Allegiant
Hawaiian (not including mergers from long before)
Alaska (not including mergers from long before)
My guesses are:
Frontier is being spun off by Republic to Indigo partners/holdings? led by a guy named Franke, the same guy and investment company that owned Spirit before IPO. Frontier is already being turned into an ULCC model just like Spirit. My guess would be Frontier and Spirit in the next five years or less. I highly doubt Spirit will "realize" its three-fold growth as pure new deliveries, IMO, a Frontier merger will put them close to 100 planes and then after merger synergies, the rest will be growth.
JetBlue and Virgin. Now that AA/US has passed, I think these two are the closest in terms of similar models. Same fleet (different engine types), similar route structure with heavy presence on east (B6) and west (VX). Nothing will happen with VX until IPO and once its a public company then it opens a road for merger/acquisition scenarios. I think VX will go public IPO in 2014, and then be merged/acquired in 5 years by 2020. It's also interesting that both JetBlue (24 E190s) and Virgin (30 NEOs) deferred these aircraft to exactly 2020-2022. And keeping in mind that jetBlue was suppose to be the original Virgin America back in the late 90s with Branson and Neeleman's talks falling through. Lastly, they are both non-union (at the moment) so that eliminates a lot of merger hurdles as far as labor goes.
The wildcards will be Hawaiian and Alaska. I keep hearing Hawaiian and VX but I can't see that one happening. At the moment Alaska is "too expensive" for DAL to acquire. An Alaska and Delta merger is still a possibility. I wouldn't discount a Hawaiian/Alaska merger but that might be hard to approve with Alaska's heavy presence on flights to the state of Hawaii. Whoever acquires/mergers with Alaska or Hawaiian will then set the stage for the rest of the other LCCs.
I think Allegiant's model is so different that they will probably continue stand-alone.
Make no mistake, I think for all of these majors/LCCs listed above, they will have to consolidate to compete long term with the 3 mega legacies.