--- title: "EasyJet Agrees in Principle to a £5.2 Billion Castlelake Takeover After Months of Rejections" description: "EasyJet's board has agreed in principle to a £5.23 billion takeover by the US private-credit firm Castlelake at 690 pence a share, a reversal after rejecting four earlier bids. The deal is not yet binding: the two sides have until August 3 to finalize terms, and shareholders and regulators still have to weigh in." category: "Companies" category_url: https://boursel.com/category/companies author: "Kenji Nakamura" published: 2026-07-05T19:37:13.000Z updated: 2026-07-05T19:37:13.000Z canonical: https://boursel.com/article/easyjet-agrees-in-principle-to-a-5-2-billion-castlelake-takeover-after-months-of tags: ["easyjet", "castlelake", "m-and-a", "airlines", "aviation"] --- # EasyJet Agrees in Principle to a £5.2 Billion Castlelake Takeover After Months of Rejections EasyJet's board has agreed in principle to a £5.23 billion takeover by the US private-credit firm Castlelake at 690 pence a share, a reversal after rejecting four earlier bids. The deal is not yet binding: the two sides have until August 3 to finalize terms, and shareholders and regulators still have to weigh in. After weeks of holding out, easyJet has changed its mind. The British low-cost airline said its board had agreed in principle to a takeover by Castlelake, a Minneapolis-based private-credit firm, at a price it had repeatedly rejected only weeks earlier. It is a notable turn for one of Europe's best-known budget carriers, though the deal is still some way from done. ## The terms Castlelake's accepted offer values easyJet at 690 pence a share, or about £5.23 billion, [Investing.com reported](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483). It is an "agreement in principle" rather than a firm, binding deal: the two sides have given themselves until 5 p.m. London time on August 3 to nail down the formal documentation, [according to Investing.com](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483). Castlelake is not acting alone; its partners in the bid include Mark Breen and Peter Bellew, a former easyJet executive who left the airline in 2022, [per Investing.com](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483). Castlelake has said it "intends to support the company's future growth and fleet modernisation programme." ## A deal that took five tries The agreement caps a persistent pursuit. Castlelake first approached easyJet on May 29 with an opening bid of 560 pence a share and then raised it repeatedly; the 690-pence agreement is its fifth and highest offer, [Investing.com reported](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483). Along the way easyJet's board rebuffed several proposals, including a 650-pence bid it turned down as too low. The extra 40 pence a share, and the airline's shifting assessment of its own prospects, appear to have been enough to bring the board around. ## What still has to happen An agreement in principle is a milestone, not a conclusion. Because easyJet is a European airline, any takeover has to be structured to satisfy EU and UK rules that limit ownership and control of European carriers by non-European investors, a constraint that shapes how a deal like this can be put together. It also needs the backing of shareholders. The largest of those is the Haji-Ioannou family, founders of the airline, who hold about 15.3% and whose support would be important to any vote, [Investing.com reported](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483). Beyond that, the transaction is likely to draw the usual competition and regulatory review. ## Why it matters If it completes, the deal would take one of Europe's major budget airlines off the public market and into private ownership, joining a broader wave of financial buyers moving into aviation and travel assets. For easyJet's shareholders, it offers a cash exit at a premium to the price Castlelake first floated. For the airline, the questions that follow a private-equity-style takeover, about debt, investment and strategy, will only come into focus once the deal is signed, if it is. For now, both the price and the deadline are set; whether the paperwork and the votes follow is the next test. ## Sources - [EasyJet agrees to Castlelake's £5.2B takeover offer](https://www.investing.com/news/stock-market-news/easyjet-agrees-to-castlelakes-52b-takeover-offer-4775483) - [EasyJet succumbs to foreign bidder after agreeing £5bn deal](https://finance.yahoo.com/markets/stocks/articles/easyjet-succumbs-foreign-bidder-agreeing-181318540.html)