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easyJet to buy no-frills rival Go for £400m
easyJet is expected to announce details of how it is going to pay £400m for no-frills rival Go later this week when the company announces its half year results.
If successful, the deal will see the combined airline overtake Ryanair as Europe’s largest budget carrier. Go chief executive Barbara Cassani, recently named businesswoman of the year, will pocket around £16m from the takeover as she owns a 4% stake in the airline.
It will also represent a healthy return on investment for venture capitalist firm 3i which provided most of the funding to pay for the £110m management buyout of the airline from BA last summer.
Leaked news of the deal first emerged on Friday (May 3). It follows the announcement that easyJet founder Stelios Haji-Ioannou is to step down as chairman at the airline next year.
**07 May 02: No-frills consolidation is ‘inevitable’ says analyst**
See our previous stories:
29 Apr 2002: bmibaby md dismisses analyst’s criticisms
18 Apr 2002: EasyJet chairman to resign
14-Mar-2002: Go plans to have at least 80 aircraft by 2008
7-Mar-2002: Go passengers up 74.1%
19-Feb-2002 Report says BA was wrong to sell Go
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