Denver-based Frontier Airlines and Mexico City-based Volaris have entered into a codeshare agreement, signaling further cooperation between two carriers affiliated with private equity firm Indigo Partners. Frontier, which adopted the ultra-LCC model in 2014, is wholly owned by Indigo Partners, which is also a major shareholder in publicly traded Volaris—generally considered to have the lowest unit costs of any North American airline. In recent months, there has been more talk of ...

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