CNBC is reporting that Frontier and Spirit Airlines, the two largest low-cost carriers in America, are merging in a $6.6 billion deal.

And once the dust settles, the pairing will form the fifth-largest airline in the nation.

CNBC says the merger gives Frontier Airlines a 51.5% controlling stake in the combined airline.

Specific details, including what the new airline will be called and where its corporate headquarters will be based, were not mentioned in a press release Monday morning.

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Ted Christie, President and CEO of Spirit Airlines, said in a statement,

"We are thrilled to join forces with Frontier to further democratize air travel. This transaction is centered around creating an aggressive ultra-low fare competitor to serve our Guests even better, expand career opportunities for our Team Members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public."

Locally, Frontier Airlines flies out of Philadelphia International and Trenton Mercer Airports. Spirit is the lone carrier at Atlantic City International Airport and also flies in and out of Philadelphia.

The combined Frontier-Spirit Airline is expected to offer over 1,000 daily flights to over 145 destinations in 19 countries. By 2026, the company expects to add 10,000 jobs.

The merger is expected to close in the second half of 2022, pending regulatory approval.

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