Castlelake is closer than any of EasyJet’s earlier suitors. After four rejected proposals in under a month, the airline’s board said on Sunday it had reached an agreement in principle with the U.S. investment firm to sell for around £5.2 billion ($7 billion).
It is not a done deal yet. Castlelake has until August 3 to commit or walk away, and any offer would then face a shareholder vote and a regulatory review.
Under the proposal, Castlelake would own 49%, with the majority resting with two EU nationals – former EasyJet and Ryanair executive Peter Bellew, and aerospace consultant Mark Breen. It’s a quirky arrangement designed to comply with European ownership rules.
For years, Europe’s strict ownership law has blocked its mid-size carriers from serious outside money. But there is precedent for foreign money shoring up the continent’s carriers. Delta has owned nearly half of Virgin Atlantic for more than a decade, and Turkish Airlines agreed to tak
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