JetBlue pulls out of deal to buy Spirit Airlines

(CNN)– JetBlue Airways pulled out of its deal to purchase spirit airlines.

The decision comes in the wake of a federal court ruling blocking the deal from taking place on antitrust grounds.

The Justice Department had argued airfares could go up if Spirit was no longer an independent airline.

The companies had appealed the judge’s ruling on blocking the deal but both issued statements on Monday saying they wouldn’t be able to overcome the legal obstacles to complete the merger.

As part of its decision to end the deal, JetBlue agreed to pay Spirit $69 million.