Why Private Equity Wants to Buy easyJet | How Investment Bankers Value Airlines

Why Private Equity Wants to Buy easyJet | How Investment Bankers Value Airlines

July 13, 2026 · 39 min

About this episode

The episode discusses the bidding war for easyJet and the valuation of airlines by investment bankers.

This week on Market Maker, Anthony Cheung and Stephen Barnett break down the £5.7 billion bidding war for easyJet and explain why private equity firms are suddenly competing to buy one of Europe's best-known airlines. Using the deal as a case study, they explore how investment bankers value airline businesses, why easyJet became an attractive takeover target, and what students can learn about mergers & acquisitions from a real live transaction. Along the way they explain key airline metrics such as ASK, RASK and CASK, discuss why airlines are notoriously difficult businesses to run, and reveal why the value of airport slots and aircraft fleets matters so much to investors. Whether you're preparing for investment banking interviews, building your commercial awareness, or simply curious about how billion-pound acquisitions happen, this episode provides a practical insight into corporate finance using one of the UK's most recognisable companies. (00:00) Why easyJet a Takeover Target (01:38) The £5.7bn Bidding War Explained (09:58) Why Private Equity Wants easyJet (15:10) How Airlines Are Really Valued (19:50) ASK, RASK & CASK Explained (20:49) Why easyJet Looks Undervalued…

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