Two of Ireland’s most experienced airline executives have found themselves at the centre of one of the biggest aviation stories of 2026, as a proposed takeover of easyJet by US-based investment firm Castlelake has evolved into a full-scale bidding war. While easyJet is a British airline, the Irish connection is significant, with Peter Bellew and Mark Breen playing key roles in the structure of Castlelake’s original bid.
Earlier this month, easyJet’s board announced it had agreed “in principle” to the financial terms of Castlelake’s fifth takeover proposal, valuing the airline at approximately £5.5 billion. The offer represented £6.90 per share and was a substantial increase on several earlier bids that had been rejected by the carrier.
What made the proposal particularly noteworthy from an Irish perspective was the involvement of Peter Bellew and Mark Breen. The pair were not merely advisers but an integral part of the ownership structure designed to satisfy European Union airline ownership requirements. Under the proposal, Castlelake would hold 49% of the acquisition vehicle, while a controlling 51% stake would be held by EU nationals, including Bellew and Breen.
This structure is essential because EU regulations require airlines operating within the bloc to remain majority owned and effectively controlled by EU citizens. Since Castlelake is a US investor, any successful acquisition would need to comply with these restrictions.
Peter Bellew
Peter Bellew is one of Ireland’s best-known aviation executives. His career has included senior leadership roles at Ryanair, where he served as Chief Operations Officer, before moving to Malaysia Airlines as Chief Executive. He later joined easyJet as Chief Operating Officer between 2019 and 2022, giving him intimate knowledge of the airline’s operations, fleet and culture. Bellew’s previous experience with easyJet makes his involvement particularly significant. Few executives understand the airline’s business as well, and his participation was seen as helping to reassure regulators that the airline would continue to meet European ownership and control requirements.
Mark Breen
Less well known to the travelling public but highly respected within aviation circles, Mark Breen is Chief Executive of Dublin-based Oneiros Aerospace. He has held senior executive positions across a number of international airlines, including Oman Air and other Middle Eastern aviation organisations. Breen’s involvement adds further Irish expertise to the consortium. Alongside Bellew, he would form part of the EU ownership element that underpins Castlelake’s regulatory strategy.
easyJet remains one of Europe’s largest low-cost airlines, operating more than 350 Airbus aircraft and possessing highly valuable slots at constrained airports including London Gatwick, Amsterdam, Geneva, Paris Orly and Milan Linate. Those assets have made it an attractive target for investors despite recent pressures from fuel prices and broader economic uncertainty. The airline is also a major player in Northern Ireland, operating extensive services between Belfast and Great Britain, as well as numerous European destinations. Any ownership changes at easyJet therefore have direct relevance for Irish passengers, airports and aviation professionals.
Apollo Launches Higher Bid
Just days after easyJet signalled it was prepared to recommend the Castlelake proposal, a rival bidder emerged. On 10th July, Apollo Global Management tabled a superior offer worth approximately £5.7 billion, equivalent to £7.15 per share. easyJet’s board immediately described the proposal as a better outcome for shareholders and announced that it was “no longer minded” to recommend the Castlelake bid.
The development has transformed the process into a bidding contest between two major American investment groups. Apollo’s offer is around 3.6% higher than Castlelake’s latest proposal and values the airline at roughly £200 million more. Unlike Castlelake, Apollo has not yet detailed the exact ownership structure it intends to use to satisfy EU control rules, although it has stated that it will take all necessary steps to secure regulatory approval.
