After accusing the investment firm of trying to buy the airline ‘on the cheap’, easyJet have accepted a Castlelake takeover deal worth £5.2 billion.
The British low-cost carrier (LCC) rejected several lower acquisition bids made by Castlelake until the current agreement was reached. A £4.74 billion offer was dismissed by the board in June, arguing that the firm were taking advantage of aviation’s depreciated share prices in the wake of the Middle East conflict.
The deal still needs to be approved by regulators before it goes ahead. EU law stipulates that easyJet must be majority-owned by EU citizens, but Castlelake is a US company. The firm has previously suggested that they would control easyJet through a partnership with aviation businessmen Peter Bellew and Mark Breen, who are both EU citizens.
easyJet is one of Europe’s largest LCC brands, operating 1,200 routes across 35 countries. Castlelake is required to make a full offer for the carrier by 3 August.
In a statement, easyJet said:
In discussions between the parties, Castlelake has emphasised its tremendous respect for easyJet and its people, along with its intention to support its future growth and transformation to a stronger, more resilient European airline for the benefit of all stakeholders if the transaction proceeds to completion. Castlelake is supportive of easyJet’s fleet modernisation programme, which it regards as central to the Company’s long-term competitiveness, efficiency and sustainability objectives.
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