EasyJet agrees to $6.7 billion takeover by U.S. private equity firm
Summary
EasyJet, a British low-cost airline, has agreed to be bought by the U.S. private equity firm Castlelake for about £5 billion ($6.7 billion). The deal came after previous bids were rejected, and EasyJet’s board plans to recommend the offer to shareholders.Key Facts
- EasyJet is a U.K. budget airline founded in 1995.
- Castlelake is a U.S. private equity firm managing around $37 billion in assets.
- Castlelake’s offer values EasyJet at £5 billion ($6.7 billion).
- EasyJet’s board had rejected four earlier bids from Castlelake before agreeing to this one.
- EasyJet shares rose nearly 10% after the agreement was announced.
- Castlelake plans to support EasyJet’s future growth and fleet modernization.
- Castlelake must make a formal takeover bid by August 3 or withdraw its offer.
- EasyJet has faced financial challenges due to rising jet fuel costs linked to the Iran war.
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