EasyJet has moved a step closer to becoming a private company after saying it plans to accept a £5.5 billion takeover offer from US investment firm Castlelake. The two companies have reached an agreement in principle and are now working to complete the deal. The announcement came after several weeks of talks. Castlelake made more than one offer before reaching the latest agreement with the airline. Both sides have also asked for more time to complete the formal process. The proposed offer values easyJet shares at £6.90 each. Earlier bids of £5.60 and £6.50 per share were rejected because the airline believed they did not reflect the true value of the business. If the takeover is completed, it will become one of the biggest airline deals in Europe this year. It would also take easyJet off the London stock market after many years as a publicly traded company. EasyJet founder Stelios Haji-Ioannou and his family own more than 15 percent of the airline. Based on the latest offer, their stake would be worth close to £800 million. Before the announcement, easyJet shares closed at £5.58, giving the company a market value of about £4.2 billion. The new offer represents a significant premium over that share price. Some investors had hoped the company could secure more than £7 per share during negotiations. The airline has faced a difficult year. Earlier this year, it issued two profit warnings that raised concerns among investors. Higher fuel costs and weaker travel demand also created pressure on the business. EasyJet said bookings slowed after rising tensions in the Middle East affected customer confidence. The increase in fuel prices also added to operating costs, making it harder for airlines across Europe to protect profits. The airline continues to compete with several strong low-cost rivals. These include Ryanair, Wizz Air, and Jet2. Competition has remained intense as airlines try to attract passengers with lower fares while managing rising costs. Castlelake is a private investment company based in Minneapolis, Minnesota. The firm has invested in aviation for many years and owns businesses involved in aircraft leasing and finance. Industry experts believe easyJet could fit well with Castlelake's aviation investments. Some analysts also believe the investment firm could expand or separate easyJet Holidays as part of its long-term business plans. Castlelake has previously invested in Scandinavian airline SAS. It is now selling that investment to Air France-KLM after becoming involved through a financial restructuring process. EasyJet is one of Europe's largest low-cost airlines. The company is based at Luton Airport near London. It operates flights from 164 airports across 38 countries and employs around 19,000 people. The companies have not announced any plans for jobs if the takeover goes ahead. However, Castlelake said it respects easyJet's workforce and wants to support the airline's future growth. The investment firm also said it supports easyJet's plans to buy newer aircraft. Modern planes use less fuel, lower operating costs, and help reduce carbon emissions. Fleet renewal has been a major part of easyJet's long-term strategy. Because easyJet operates across the European Union, ownership rules must be followed. EU regulations require airlines serving the region to remain under European control. To meet those rules, Castlelake has previously said it plans to create a European holding company controlled by EU nationals. Earlier proposals named experienced aviation executives to help oversee the European structure. These leaders have worked with several international airlines and have extensive industry experience. The takeover discussions have involved leading financial advisers. Evercore has advised easyJet during negotiations, while Goldman Sachs has acted for Castlelake throughout the bidding process. The agreement is still subject to final approval and completion of the required legal and regulatory steps. Shareholders will also closely examine the final terms before the transaction is completed. If approved, the EasyJet Takeover Deal would mark a major change for one of Britain's best-known airlines. The company would begin a new chapter under private ownership while continuing to compete in Europe's highly competitive low-cost airline market.