A U.S. investment firm has struck a deal to take over one of Britain’s most recognizable budget airlines in a transaction worth £5.50 billion — roughly $7.34 billion — marking a major turning point in the carrier’s three-decade history.
Minneapolis-based aviation investor Castlelake and British airline easyJet announced Sunday that they had reached an agreement in principle, with Castlelake set to acquire easyJet at £6.90 per share on a fully diluted basis.
Here is a look at how easyJet got to this point, from its humble beginnings to the blockbuster deal announced this week:
1995: Founder Stelios Haji-Ioannou launches the airline out of London Luton Airport, offering low-fare flights to Glasgow and Edinburgh in Scotland and taking aim at established carriers.
2002: The airline expands by purchasing rival Go Fly.
2007: easyJet grows further with the acquisition of rival GB Airways.
2011–2013: The carrier modernizes its fleet by purchasing 135 Airbus aircraft.
2020: The COVID-19 pandemic forces easyJet to cut 4,500 jobs and reduce the size of its fleet.
2021: easyJet turns down a takeover approach from Wizz Air and raises $1.7 billion from existing shareholders.
February–March 2026: Conflict involving Iran shakes the global aviation industry. easyJet warns passengers of higher fares and signals concerns about fuel shortages.
May 29, 2026: Castlelake publicly discloses that it is weighing a potential offer for easyJet.
June 12, 2026: Castlelake submits a private takeover proposal at £5.60 per share.
June 16, 2026: easyJet turns down the offer.
June 17, 2026: Castlelake comes back with a revised private bid of £6.00 per share.
June 20, 2026: easyJet’s board rejects the second proposal, and Castlelake responds by privately raising its offer to £6.25 per share.
June 21, 2026: easyJet rejects the third proposal, publicly describing the offer as
