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EasyJet agrees to $6.7 billion takeover bid from U.S. private equity firm Castlelake
CBS News • • business
Key Points:
- EasyJet has agreed to be acquired by U.S. private equity firm Castlelake in a deal valuing the airline at £5 billion ($6.7 billion), following the rejection of four earlier bids by Castlelake.
- The EasyJet board is "minded to recommend" Castlelake's £6.90-per-share offer to shareholders, with a formal takeover bid expected by August 3.
- Castlelake expressed strong support for EasyJet's future growth, fleet modernization, and sustainability initiatives, highlighting its respect for the airline and its employees.
- Founded in 1995 and headquartered at London Gatwick, EasyJet has faced recent challenges such as rising jet fuel costs impacting profitability.
- Castlelake, based in Minneapolis, manages around $37 billion in assets and leases a fleet of 375 planes to global airlines.
