July 5 (Reuters) – A £5.50 billion ($7.34 billion) deal for U.S. investment firm Castlelake to acquire British budget airline easyJet, announced on Sunday, would mark a new chapter in the carrier’s 31-year history.
Here is a timeline of easyJet’s key milestones:
1995
Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.
2002
Acquires rival Go Fly.
2007
Acquires rival GB Airways.
2011 – 2013
Buys 135 Airbus aircraft, modernising fleet.
2020
COVID-19 forces 4,500 job cuts and shrinking of fleet.
2021
Rejects takeover approach from Wizz Air, raises $1.7 billion from existing shareholders.
February – March 2026
Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages.
May 29, 2026
Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet.
June 12, 2026
Castlelake privately submits takeover proposal at £5.60 per share.
June 16, 2026
EasyJet rejects Castlelake’s bid.
June 17, 2026
Castlelake returns with £6.00 a share private bid.
June 20, 2026
EasyJet board rejects Castlelake’s second proposal, prompting it to increase private offer to £6.25 a share.
June 21, 2026
EasyJet rejects Castlelake’s third proposal, calling it “cheap”.
June 22, 2026
Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules.
June 23, 2026
Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed.
June 25, 2026
EasyJet says it has rejected that bid but agrees to share some internal data with Castlelake in hopes of a higher bid. Sets July 5 deadline.
July 5, 2026
EasyJet and Castlelake announce deal in principle at £6.90 a share, valuing the airline at £5.5 billion on a fully diluted basis.
($1 = 0.7490 pounds)
(Reporting by Neeshita Beura and Nithyashree R B in Bengaluru, additional reporting by Bipasha Dey; Editing by Rashmi Aich and Cynthia Osterman)
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