- Shares in EasyJet rose 10pc in early trading.
- The deal values the airline at £5.5 billion.
- Castlelake offered £6.90 per share.
- EasyJet operates over 1200 routes.
- The founder retains a 15pc stake.
EasyJet shares have jumped 10pc after the airline backed a £5.5 billion takeover proposal from Castlelake led by veteran Irish aviation executives Peter Bellew and Mark Breen. The budget airline reached an agreement in principle with the US investment firm.
EasyJet stated it was prepared to accept the revised bid of £6.90 per share. The offer represents a premium to recent share prices. Negotiations took place over several weeks with Castlelake increasing its proposals, first to #6.25, then £6.50.
The potential deal includes a partial equity alternative and requires regulatory approvals. EasyJet operates 355 aircraft across more than 1200 routes. The founder Stelios Haji-Ioannou holds a stake of roughly 15pc.
