EasyJet shares soar 10% as budget airline agrees $7.3 billion Castlelake takeover

EasyJet’s shares surged in early trading Monday after the U.K. low-cost carrier agreed “in principle” to a takeover bid from U.S. private equity manager Castlelake. The deal values the airline at £5.5 billion ($7.3 billion), and the stock was up 10.5% shortly after 8:15 a.m. in London (3:15 a.m. ET). The report says Castlelake’s revised plan to take easyJet private was agreed on Sunday. The improved offer follows easyJet’s rejection last month of a previous proposal worth £4.93 billion from the same private equity firm. The move marks a clear escalation in efforts to move the budget airline from public to private ownership.