EasyJet原则接受Castlelake 52亿英镑收购要约，私有化谈判进入关键窗口
英国廉航EasyJet董事会表示将建议股东接受每股6.90英镑的第五轮报价，但交易仍面临欧盟航空所有权规则的重大监管障碍。
英国廉航EasyJet与美资投资公司Castlelake于周日达成原则性协议，后者提出的第五轮现金收购报价为每股6.90英镑，对公司的整体估值约为52亿英镑（69亿美元）。EasyJet董事会声明，若Castlelake在8月3日截止日前发出正式要约，将“有意向建议”股东接受。这一表态标志着持续数月的僵局出现转折，此前该公司曾以“高度机会主义”和“趁低吸纳”为由，拒绝了每股5.60至6.50英镑的四轮报价。
谈判进程的突破伴随着双方公开言辞的降温。Castlelake此前指责EasyJet董事会“缺乏建设性对话意愿”，并绕过管理层直接接触股东；而EasyJet则强调收购时机正值其股价因伊朗冲突推高航空燃油成本而“暂时低迷”。根据欧盟航空业所有权规则，EasyJet作为欧洲航空公司，必须由欧洲实体持有至少51%的股权并实施有效控制。为满足这一要求，Castlelake已与包括前EasyJet高管Peter Bellew在内的欧洲人士结成合作架构，但监管审批仍是交易确定性的最大变量。
从资产视角看，Castlelake看中的是EasyJet所拥有的现代化空客A320机队、数百架新机订单，以及伦敦、米兰、日内瓦等核心机场的时刻资源。这家管理着约380亿美元资产的美国投资机构，在航空租赁领域布局深厚，旗下机队规模达375架，曾于2023年收购北欧航空约32%股份。EasyJet创始人Stelios Haji-Ioannou家族目前持有15.3%股权，其态度对股东投票结果具有重要影响。欧洲航空业人士关注交易对就业和航线网络的影响，而中东市场观察者则指出，伊朗冲突导致的燃油成本飙升已使EasyJet在上半财年亏损扩大至3.77亿英镑，夏季预订量亦出现下滑。
目前，Castlelake已获准进行有限度的尽职调查，双方将就最终交易文件展开磋商。8月3日伦敦时间下午5点前，该机构须宣布是否发出正式收购要约。即便届时发出要约，仍需通过股东投票和欧盟及英国监管机构的审查，交易完成并无确定性。EasyJet董事会已建议股东暂不采取行动，等待进一步进展。
| 拉丁美洲媒体 | −0.20 | neutral |
|---|---|---|
| 欧洲大陆媒体 | +0.10 | neutral |
| 大西洋／英语圈媒体 | 0.00 | neutral |
EasyJet only agreed after rejecting four 'opportunistic' offers, and now the US fund manages to buy at a price the airline itself had called undervalued.
The narrative focuses on EasyJet's statements against previous offers, creating the impression that the deal was hard-won and that the final price is still questionable.
It does not mention Castlelake's pre-existing 2.14% stake in EasyJet, which could indicate a long-term interest rather than pure opportunism.
Fund Castlelake finally succeeded after four attempts, and EasyJet recognizes the value of the offer, accepting a deal that values the company as it deserves.
The narrative emphasizes the progression of offers and the fund's determination, presenting the deal as a happy ending after lengthy negotiations, without dwelling on EasyJet's initial criticisms.
It does not report the accusations of 'opportunism' and 'bargain price' that EasyJet had made in earlier stages, present in other blocs.
The agreement is a step forward in negotiations, with EasyJet's board ready to recommend the offer to shareholders, subject to due diligence.
The report simply lists facts and figures, without adding judgments or emotional emphasis, presenting the deal as a normal business transaction.