Castlelake bid for SAS in 2023, held 18 months, and sold to Air France-KLM. EasyJet is not SAS; it is solvent and cash-generative. But the exit thesis is the same. A Pro analysis of what Castlelake actually intends.
Anko van der Werff will leave SAS at the start of 2027 to become Air Canada's next chief executive, replacing Michael Rousseau, whose retirement follows a French-language controversy. The departure leaves SAS mid-fleet order and mid-ownership transition.
easyJet's board backs Castlelake's fifth bid at 690p per share, valuing the airline at £5.2bn. Condor's CEO names Gulf carriers as potential buyers. Catania Airport reopens this morning after Mount Etna shut it for three days, with the alert downgraded from red to orange.
Mount Etna's eruption has kept Catania Airport closed for a third consecutive day, cancelling approximately 130 flights and diverting 50 more to Palermo. Ryanair, easyJet, British Airways, Wizz Air and ITA Airways are among the carriers affected.
EasyJet's board agreed in principle on 5 July to Castlelake's fifth takeover bid at $9.20 (£6.90) per share, valuing the airline at $6.9bn (£5.2bn). A formal offer is due by 3 August. Bernstein expects a break-up and sale of assets to European network carriers.
