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easyJet agrees to £5bn takeover by US investment firm Castlelake

Created at 5 Jul · 4:32 PM3 sources↑ Market-relevant3 events
IN SHORT

easyJet has reached an agreement in principle with US investment firm Castlelake on a sweetened takeover bid of £6.90 per share, valuing the budget airline at approximately £5 billion. The deal, if finalized, would see easyJet taken private.

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Key Numbers

£5bnestimated takeover value
£6.90per share takeover proposal
5thconsecutive bid from Castlelake
August 3firm offer deadline

Who's Involved

easyJet
British budget airline agreeing to takeover proposal
Castlelake
US investment firm making sweetened takeover bid
easyJet board
Minded to recommend the takeover bid to shareholders
easyJet agrees to £5bn takeover by US investment firm Castlelake

↳ Why This Matters

The potential takeover of easyJet by Castlelake signifies a major shift for the British airline, potentially leading to its delisting from public markets and a change in ownership structure. The deal highlights ongoing consolidation and private equity interest in the aviation sector.

Key facts

  • easyJet has agreed in principle to a £5 billion takeover by US investment firm Castlelake.
  • The offer values the British budget airline at £6.90 per share.
  • This is Castlelake's fifth bid for easyJet.
  • The easyJet board stated it would be 'minded to recommend' the offer to shareholders.
  • Castlelake has until August 3 to make a firm offer.

easyJet's board has reached an agreement in principle with US investment firm Castlelake on a sweetened takeover bid of £6.90 per share, valuing the budget airline at approximately £5 billion. This marks Castlelake's fifth offer for the company. The board indicated it would recommend the offer to shareholders, a move that could lead to easyJet being taken private and delisted from the London Stock Exchange. Castlelake has expressed support for easyJet's future growth and plans to modernize its fleet. The investment firm has until August 3 to make a firm offer.

Frequently asked questions

Castlelake's sweetened bid is valued at £6.90 per share, with the overall takeover estimated to be worth £5 billion.

The easyJet board has reached an agreement in principle and stated it would be 'minded to recommend' the offer to shareholders, pending further review.

No, this is Castlelake's fifth consecutive bid for easyJet, representing a significant increase from its initial offer.

Castlelake has until 5pm on August 3 to make a firm offer or walk away.

What Happens Next

01Castlelake is expected to conduct further due diligence.
02A formal offer is anticipated following due diligence.
03Castlelake must make a firm offer by August 3.

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Cadence

How It Developed

easyJet's board reached an agreement in principle with Castlelake on a takeover bid.
Castlelake's fifth bid values the airline at £6.90 per share.
The easyJet board indicated it would recommend the offer to shareholders.
The deal could result in easyJet delisting from the London Stock Exchange.
Castlelake has until August 3 to make a firm offer.

Sources

T1
easyJet agrees in principle on Castlelake's sweetened £6.90 per share bidReuters
T1
EasyJet agrees to £5bn takeover by US investment firmThe Guardian
T1
Easyjet board reaches agreement over £5bn Castlelake takeoverCity AM
T2
EasyJet Rebuffs £4.9B Castlelake Bid, Open To Higher Offerlaw360.com
T2
EasyJet Takeover Update: £4.93bn Bid, July 5 New Deadlinetraveltourister.com

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