EasyJet accepts fifth takeover bid from US firm Castlelake in £5.2b deal

LONDON, July 6 — British budget airline Easyjet has finally given in to the persistent courting of United States (US) investor Castlelake, when it agreed “in principle” to the firm’s fifth takeover offer, the companies announced in London on Sunday, reported German Press Agency (dpa).

Castlelake is now offering £6.90 (RM37.56) per share, valuing easyJet at £5.2 billion.

On June 25, EasyJet rejected a £4.93 billion offer, an increase from the previous one, but said it could get back with a “more attractive proposal.”

Since Castlelake is a US company, it cannot take majority control of a European airline and therefore needs partners.

As a result, Castlelake will reportedly work together with aviation managers Peter Bellew and Mark Breen. Bellew previously worked at Easyjet before abruptly leaving the company in 2022.

Among Easyjet’s most attractive assets are a fleet of modern Airbus A320 aircraft as well as landing rights in London, Milan and Geneva.

The company’s largest shareholder is the family of founder Stelios Haji-Ioannou, a British-Cypriot entrepreneur, with a 15.3 per cent stake. — Bernama-dpa