easyJet Castlelake goes public. Brings some transparency to shareholders but still with question marks

Research evidence excerpt

easyJet Castlelake goes public. Brings some transparency to shareholders but still with question marks

C A Z E N O V E Europe Equity Research

22 June 2026

easyJet Underweight

EZJ.L, EZJ LN

Castlelake goes public. Brings some transparency Price (19 Jun 26):504p

to shareholders but still with question marks Price Target (Dec-27):340p

News: Today Castlelake has made public the three rejected offers it has put forward European Transport & Logistics

ACto the easyJet Board in recent weeks. This is in order to provide transparency to Harry J Gowers

shareholders and request their views on the rejected offers to the Board ahead of (44-20) 7134-7522

the ‘PUSU’ deadline on Friday 26th June. The third/latest proposal, which has been harry.gowers@jpmorgan.com

rejected, values easyJet’s issued share capital at £4.7bn or 625p per share (+24% J.P. Morgan Securities plc

vs. EOD June 19th). Castlelake’s stated ambition is to support easyJet’s network Alexia Dogani

and growth while respecting its valuable airline assets. It plans to fund the (44-20) 3493-3791

alexia.dogani@jpmorgan.com

transaction using a combination of debt and equity, with a proposed ownership J.P. Morgan Securities plc

structure designed to satisfy EU ownership rules by partnering with two private

Bhavpreet S Batra

investors, Peter Bellew, a former easyJet executive, and Mark Breen, who (91-22) 6157-5046

alongside other EU nationals, would own and control an EU company (the ‘EU bhavpreet.batra@jpmorgan.com

Partner’). The EU Partner would hold the controlling stake in the overall structure. J.P. Morgan India Private Limited

According to easyJet, this would result in a 49%/51% ownership split between Shikha Khurana

Castlelake and the EU Partner. easyJet has subsequently released a statement (91-22) 6157-5022