Low-cost carriers Frontier Airlines and Spirit Airlines announced plans on Monday to merge, which would create ​the fifth-largest U.S. airline by revenue passenger miles.

The deal, valued at more than $6 billion, would leave Frontier controlling 51.5% of the combined airline and Spirit with 48.5%.

Together the two airlines offer more than 1,000 daily flights to over 145 destinations in 19 countries with their all-Airbus fleets.

In a joint release, Spirit and Frontier said they expect the deal will allow them to add 10,000 direct jobs by 2026 without the need for layoffs.

The airlines estimate it will create $1 billion in annual savings for consumers.

“Together, Frontier and Spirit expect to change the industry for the benefit of consumers, bringing more ultra-low fares to more travelers in more destinations across the United States, Latin America and the Caribbean, including major cities as well as underserved communities,” the airlines said.

The merger is expected to close in the second half of the year with William A. Franke, chair of Frontier’s board, serving as the chairman of the combined company.

“We worked jointly with the Board of Directors and senior management team across both carriers to arrive at a combination of two complementary businesses that together will create America’s most competitive ultra-low fare airline for the benefit of consumers,” Franke said in the announcement.

Combined, the company would have annual revenues of approximately $5.3 billion based on 2021 results.

They have yet to make an announcement on specifics such as the name of the new combined airline, the CEO, or where it will be based.