Republic Airways Holdings agreed to sell Frontier Airlines to affiliates of private equity firm Indigo Partners,

"led by managing partner William A. Franke," the former chairman of Spirit Airlines. Indigo Partners will "acquire all the outstanding shares of Frontier Airlines Holdings," valued at $145 million, which includes the assumption of debt and $36 million in cash. Pending multiple conditions, which include regulatory approvals and "agreements being reached with the Association of Flight Attendants," the deal is expected to close in December.