JPM | Building Broadcast: CRH, FRA, FHZN, DG, FGR, FER: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: CRH, FRA, FHZN, DG, FGR, FER: JPMC Construction Daily

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 23 June 2026 J P M O R G A N

elodie.rall@jpmorgan.com

issued share capital at £4.7bn or 625p per share (+24% vs. EOD June 19th). Castlelake’s

stated ambition is to support easyJet’s network and growth while respecting its valuable

airline assets. It plans to fund the transaction using a combination of debt and equity, with

a proposed ownership structure designed to satisfy EU ownership rules by partnering

with two private investors, Peter Bellew, a former easyJet executive, and Mark Breen,

who alongside other EU nationals, would own and control an EU company (the ‘EU

Partner’). The EU Partner would hold the controlling stake in the overall structure.

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

and the EU Partner. easyJet has subsequently released a statement calling the offers

opportunistic given the impact from the Middle East, and undervaluing its longer term

prospects. It has also flagged concerns about the opaque ownership structure, high

leverage and general deliverability of the third/latest proposal given the regulatory

conditions that need to be satisfied. Readacross for European airports. Link to the team’s

report.

• Skanska enters into an agreement for early contractor involvement with Penn

Transformation Partners, NY, USA. Skanska and Halmar, a 50/50 consortium

operating as Penn Transformation Partners DevCo, LLC (PTP), has formally been

appointed by Amtrak as the Master Developer of the Penn Station Transformation Project

in New York, and entered into a Pre-Development Agreement (PDA) with Amtrak in

partnership with the US Department of Transportation (USDOT). In conjunction with