Spirit shareholders approve JetBlue takeover

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Spirit Airlines on Wednesday announced that its shareholders approved the multibillion-dollar merger agreement with JetBlue Airways that could potentially reshape the discount airline market.

"This is an important step forward on our path to closing a combination that will create the most compelling national low-fare challenger to the dominant U.S. carriers," Spirit Airlines CEO Ted Christie said.

Despite the shareholder's approval Wednesday, the $3.8 billion acquisition still needs approval from regulators. This process could take several months.

Spirit's board approved a sale to JetBlue in July over fellow discount carrier Frontier Airlines. 

This is a developing story. Check back for updates.

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