Castlelake has publicly disclosed a non-binding GBP4.7 billion pound (USD6.2 billion) bid for easyJet Group, after the board of the low-cost carrier rejected both this and two earlier, lower bids submitted in June 2026.

The US-based fund said it was making the offer public to allow easyJet's shareholders to "consider its merits and provide their views" ahead of the June 26 deadline for the binding bid. Castlelake said easyJet's board rejected its offers on June 16, June 20, and June 21, and was "unwilling to engage meaningfully".

The offer, priced at GBP6.25 (USD8.25) per share, represents an almost 60% premium on easyJet's share price from May 28, when Castlelake first disclosed its readiness to bid for the LCC.

Castlelake said that to meet EU control and ownership rules, which ban non-EU investors from owning a majority stake in any airline in the bloc, it teamed up with individual investors Peter Bellew and Mark Breen, who would remain the majority owners of the airline. Bellew has held C-level positions at multiple airlines, including Ryanair, Malaysia Airlines, and Riyadh Air, and between 2020 and 2023 was easyJet's chief operating officer. Breen, in turn, has held senior roles at, among others, Oman Air, Arajet, Cebu Pacific Air, and flyadeal. Both are Irish citizens.

The involvement of Bellew and Breen dampens speculation about a potential team-up with Air France-KLM or MSC Mediterranean Shipping Company.

Castlelake said it would fund the potential offer from "a combination of committed equity and debt facilities. The committed equity financing will come from funds managed or advised by Castlelake and will comprise a combination of existing Castlelake commitments and commitments from a small number of co-investors, as well as the EU partner."