- Two Irish aviation executives led Castlelake’s bid for EasyJet
- The proposal valued EasyJet at €5.6bn
- EasyJet fleet stood at 356 aircraft on 31 March 2026
- Peter Bellew bought 50,000 shares in EasyJet in 2026
- The Castlelake proposal deadline was 5pm on 26 June 2026
- The board raised concerns about the ownership structure of the deal
- This marks the fourth sweetened approach turned down by easyJet
- Castlelake has taken the offer public before the regulatory deadline
- The valuation stands at around €5.6bn for the airline
EasyJet has confirmed that it turned down a fourth bid from the US investment firm at £6.50 per share which Castlelake submitted on 20 June 2026, which valued the company at approximately €5.6bn.
The board cited concerns over the proposed ownership structure that would see Castlelake hold a minority stake with the remainder held by undisclosed investors. This marks the fourth time the English budget carrier has turned down advances from the US firm in recent weeks.
Irish aviation executives Peter Bellew, former chief operating officer of EasyJet from 2020 to 2022, and Mark Breen act as EU nationals in the effort by the US firm Castlelake. Bellew previously served as chief operations officer at Ryanair and chief executive at Malaysia Airlines. Mark Breen is CEO of Oneiros Aerospace, a Dublin-based aviation consultancy.
The airline confirmed that previous offers at lower valuations also failed to meet the threshold for shareholder value. Castlelake made its position public ahead of a regulatory deadline as it seeks to engage directly with easyJet shareholders.
The board viewed the offer as opportunistic and based on a temporarily depressed share price. Previous proposals at £5.60, €6.00 and £6.25 per share also received unanimous rejection.
The proposed bidding vehicle would feature 49pc ownership by Castlelake and 51pc by EU nationals including former EasyJet COO Peter Bellew and Mark Breen. EasyJet holds a strong slot portfolio at London Gatwick and other constrained airports. The airline operates a fleet of 356 aircraft as of 31 March 2026 with plans for further deliveries.
Peter Bellew acquired 50,000 shares in EasyJet between 2 March and 20 May 2026. Castlelake aims to present the proposal to shareholders ahead of the 26 June 2026 deadline. EasyJet continues to focus on its medium term targets including growth in EasyJet Holidays.
The proposal is taking place amid market conditions affected by regional geopolitical factors.
EasyJet board shared, “The board of EasyJet carefully considered the proposal with its advisers and concluded that it is highly opportunistic, delivered against the backdrop of EasyJet’s temporarily depressed share price, and still fundamentally undervalues EasyJet and its prospects.”
