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JetBlue and Spirit announced a $3.8 billion merger agreement after a previous deal between Spirit and Frontier Airlines fell apart Wednesday. The newly merged airline will be the fifth-largest in the US in a potential challenge to the dominance of the “Big Four” carriers.

Spirit’s shareholders rejected the deal in favor of the more generous offer from JetBlue. The two airlines, JetBlue and Frontier, have been courting Spirit for months in the hopes of creating a bigger budget airline that could have the effect of bringing down airline ticket prices.

But it’s been a rocky road to today’s announcement. In February, Frontier announced its plans to buy Spirit in a cash and stock deal valued at $2.9 billion. But JetBlue had its own designs…

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