EasyJet agreed in principle to a takeover offer from US firm Castlelake LP valued at £5.2 billion, or £6.90 per share in cash, on July 6, 2026 [1, 2]. On a fully diluted basis, the deal valuation rises to £5.5 billion [1, 3].
This marks Castlelake's fifth bid for EasyJet after four previous offers were initially rejected by the airline [1, 3, 2]. The deadline for Castlelake to make a firm offer or walk away was extended to 5pm London time on August 3, 2026 [1, 3].
Castlelake cannot directly take majority control due to being a US entity, and will collaborate with former EasyJet executives Mark Breen and Peter Bellew, who left the company in 2022 [1, 2]. EasyJet's largest shareholder, the family of founder Stelios Haji-Ioannou, holds a 15.3% stake in the airline [1, 2].
EasyJet owns a fleet of 356 Airbus A320 family aircraft and has an orderbook for 287 more planes, plus 100 purchase rights. The airline also holds valuable landing slots in London, Milan, and Geneva [1, 2].
The airline has faced headwinds from soaring jet fuel prices linked to the Middle East conflict and reduced demand. It reported a pre-tax loss of £552 million for the six months ending March 31, 2026, despite a 12% revenue increase [1, 3].
The joint statement from EasyJet and Castlelake emphasized mutual respect. "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," it said [3]. Castlelake also supports EasyJet's ongoing fleet modernization, which it views as key to the airline's long-term competitiveness, efficiency, and sustainability objectives [3].
Castlelake first showed interest on May 29, 2026, setting a four-week deadline for bids. EasyJet rejected a £4.93 billion offer on June 25 before agreeing in principle to the current bid on July 6. The extended deadline for a firm offer now falls on August 3, 2026 [1, 3, 2].
