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🇬🇧 United Kingdom /Economy & Trade

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

From The Guardian · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • EasyJet has agreed to a £5 billion takeover by US investment firm Castlelake, which will take the UK's largest low-cost airline private.
  • The deal, which followed weeks of negotiations and rejected offers, values EasyJet at £6.90 per share.
  • Castlelake expressed respect for EasyJet and its employees, intending to support its future growth and modernization if the transaction is completed.

EasyJet, Britain's largest low-cost airline, is set to be taken private after agreeing to a £5 billion takeover by US investment firm Castlelake. The companies announced an agreement in principle on Sunday evening, concluding weeks of negotiations that included several rejected offers.

The deal values EasyJet at £6.90 per share, a significant increase from a previous offer of £6.50 per share that the airline's board deemed substantially undervalued the business. EasyJet's board indicated it would recommend a firm offer to shareholders if one is made.

Castlelake stated its "tremendous respect for easyJet and its people," expressing intentions to support the airline's future growth and transformation into a more resilient European carrier. The investment firm also voiced support for EasyJet's plans to modernize its fleet with newer, more fuel-efficient aircraft.

Castlelake has until August 3 to make a firm offer or withdraw its bid. The airline is a member of Britain's FTSE 250 index.

has 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

— CastlelakeIn a joint statement announcing the agreement in principle.
DistantNews Editorial

Originally published by The Guardian in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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