Two Irish aviation executives front Castlelake's £4.74 billion bid to acquire easyJet

US investment firm Castlelake has confirmed that two Irish aviation executives, Peter Bellew and Dublin-based Oneiros Aerospace chief Mark Breen are central to its £4.74 billion (€5.46 billion) takeover bid for UK budget carrier easyJet, after the airline rejected three separate offers from the firm.

According to the Business Post, Castlelake's most recent proposal valued easyJet at approximately 625 pence per share, up from 560 pence on 12 June, and was taken directly to shareholders after easyJet's board rejected it as not being in the best interests of shareholders. EasyJet accused Castlelake of attempting to acquire the company on the cheap. Shares in the airline were trading up 2.94% to 518.8 pence at the time of reporting.

Bellew and Breen are to act as EU national partners and will hold a controlling shareholding in the overall structure, a mechanism designed to satisfy EU airline ownership rules requiring that European carriers remain majority-owned and controlled by EU nationals.

Bellew, a Co Meath native, previously served as chief operating officer at easyJet, having controversially departed Ryanair to join the carrier in 2019, a move that triggered a legal dispute between the two airlines. He has also held senior roles at Malaysian Airlines System and Riyadh Air, the Saudi start-up carrier.

Breen is chief executive of Dublin-based aviation consultancy Oneiros Aerospace and has previously led several small and mid-tier carriers including Saudi Arabian budget airline flyadeal, and held executive positions at Oman Air.

Stockbroker Davy highlighted easyJet's 10% market share in the EU as a significant strategic asset, describing how the bid plays out as clearly important for the airline's market structure. Analysts Stephen Furlong and Ava Costello described both executives as experienced operators who had successfully held senior positions across European low-cost carriers.

EasyJet is currently led by chief executive Kenton Jarvis. The airline operates one of Europe's largest short-haul networks, serving more than 150 destinations across the continent from its UK and European bases, with a fleet of over 350 Airbus A320-family aircraft.

The proposed ownership structure mirrors arrangements adopted by other European carriers navigating the same EU nationality requirements, with Castlelake describing it as a clear and deliverable solution for regulatory compliance.

Read the full takeover story, including easyJet's shareholder response and Castlelake's regulatory compliance structure, in the full article.