PRESS: Castlelake needs European partner for easyJet bid - FT

(Alliance News) - Potential easyJet PLC buyer Castlelake will need a European partner to ensure that any potential bid complies with EU rules, the Financial Times reported on Tuesday.

Citing "people familiar with the matter," the FT said that the rules still apply to Luton, England-based easyJet post-Brexit, meaning that Castlelake must comply with the EU requirement that airlines be majority-owned and controlled by EU nationals.

The FT noted that US private credit group Castlelake has operations in Dublin and its owner, Brookfield, has "extensive European operations".

However, it will still require "some form of European partnership or other structure" to meet the requirements, the outlet said, citing "aviation lawyers and people with knowledge of the process."

It said Castlelake could form a consortium with a European airline, but that any deal with a large firm like Lufthansa, Air France-KLM or IAG "would raise significant antitrust issues".

The FT's sources said that Castlelake and its representatives have not yet approached IAG or Air France, both of which declined to comment. Two of the people said that Castlelake could seek a non-airline partner.

The FT said the European Commission declined to comment, although a spokesperson told it that "EU airlines require ownership and control by an EU entity".

Castlelake and easyJet also declined to comment, as did easyJet founder Stelios Haji-Ioannou, who holds a 15% stake in the low-cost airline.

easyJet shares were 4.4% higher at 457.10 pence on Tuesday afternoon in London.

By Emma Curzon, Alliance News reporter

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