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Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Castlelake, which owns a 2.1 percent stake in easyJet, says it may offer $4.1B for the airline that has 355 aircraft, operating 1,207 routes across 38 countries and 164 airports. British takeover rules require Castlelake to make a formal bid by June 26.
easyJet has called Castlelake’s potential offer “highly opportunistic” since its shares are “temporarily depressed” due to the chaos in the Middle East and high jet fuel prices.
It also noted the considerable regulatory, financial and other execution challenges that Castlelake would face with a takeover bid.
For instance, Castlelake needs a partner to mount a successful bid because the EU requires airlines to be more than 50 percent owned by European nationals or companies. Castlelake teamed with Air France-KLM when it purchased a stake in Scandinavian airline SAS.
Teneo senior managing director Harry Cameron represents easyJet.
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