EasyJet's 31-Year Journey: From Start-Up Origins to Castlelake Takeover Deal
Timeline of Key Milestones in EasyJet's History
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:
Early Years and Expansion
1995: Founding and First Flights
Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.
2002: Acquisition of Go Fly
Acquires rival Go Fly.
2007: Acquisition of GB Airways
Acquires rival GB Airways.
Fleet Modernisation and Growth
2011 – 2013: Airbus Aircraft Purchase
Buys 135 Airbus aircraft, modernising fleet.
Challenges and Resilience
2020: COVID-19 Pandemic Impact
COVID-19 forces 4,500 job cuts and shrinking of fleet.
2021: Takeover Rejection and Fundraising
Rejects takeover approach from Wizz Air, raises $1.7 billion from existing shareholders.
Castlelake Takeover Saga
February - March 2026: Global Airline Turmoil
Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages.
May - June 2026: Initial Castlelake Offers
May 29, 2026: Castlelake Considers Offer
Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet.
June 12, 2026: First Private Proposal
Castlelake privately submits takeover proposal at £5.60 per share.
June 16, 2026: First Rejection
EasyJet rejects Castlelake's bid.
June 17, 2026: Second Private Bid
Castlelake returns with £6.00 a share private bid.
June 20, 2026: Second Rejection and Higher Offer
EasyJet board rejects Castlelake's second proposal, prompting it to increase private offer to £6.25 a share.
June 21, 2026: Third Rejection
EasyJet rejects Castlelake's third proposal, calling it "cheap".
June 22, 2026: Public Offer Announcement
Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules.
June 23, 2026: Fourth Private Offer
Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed.
June 25, 2026: Data Sharing and Deadline Set
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 2026: Deal Reached
July 5, 2026: Agreement in Principle
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)
