easyJet: Agreement reached in principle for easyJet to be acquired by Castlelake at 690p per share. Sun Jul 05 2026

Research evidence excerpt

easyJet: Agreement reached in principle for easyJet to be acquired by Castlelake at 690p per share. Sun Jul 05 2026

C A Z E N O V E Europe Equity Research

05 July 2026

easyJet Underweight

EZJ.L, EZJ LN

Agreement reached in principle for easyJet to be Price (03 Jul 26):558p

acquired by Castlelake at 690p per share Price Target (Dec-27):360p

News: easyJet and Castlelake have reached an agreement in principle for a European Transport & Logistics

ACrecommended cash offer at 690p per share (an increase on the prior offer at 650p Harry J Gowers

per share), including a partial unlisted share alternative. This is not yet a firm offer (44-20) 7134-7522

from Castlelake, with the ‘PUSU’ deadline now extended to 5pm Monday 3rd harry.gowers@jpmorgan.com

August. The easyJet Board has concluded that the latest financial terms offered are J.P. Morgan Securities plc

at a level the Board would be minded to recommend to easyJet shareholders should Alexia Dogani

a firm offer come through, and Castlelake has agreed a “best endeavors” (44-20) 3493-3791

alexia.dogani@jpmorgan.com

commitment to obtain any regulatory clearances and approvals required to J.P. Morgan Securities plc

complete the transaction. Castlelake has also re-iterated its intention to support

Bhavpreet S Batra

easyJet’s future growth and transformation into a stronger and more resilient (91-22) 6157-5046

European airline. There is no mention in the latest statement around the bidding bhavpreet.batra@jpmorgan.com

vehicle and ownership structure, which we assume remains the same with 49% J.P. Morgan India Private Limited

owned by Castlelake and 51% owned by the ‘EU Partner’ including EU nationals Shikha Khurana

Peter Bellew and Mark Breen. (91-22) 6157-5022

shikha.khurana@jpmchase.com