easyJet. Every rebel becomes an asset.
easyJet taught Britain to fly cheap. Now an American private equity firm is buying it for £5.5 billion, because rebels aren't predictable but adults are.
THE GIST ON EASYJET: "Every Rebel Becomes an Asset"
What just happened to easyJet?
easyJet has just agreed to a £5.5 billion takeover by an American private equity firm, because every rebel eventually becomes an asset.
What was easyJet?
It launched in 1995 and we all know what it is: bright orange planes, no seat assignment, paying for your luggage, stag dos and tickets that cost less than the taxi to Luton. It sued British Airways, undercut everyone and made cheap flights normal.
Now it's a FTSE 100 company being sold to, yes, you guessed it, an American private equity firm.
What does the buyer actually want?
The buyer runs a $37 billion portfolio and already owns a chunk of Scandinavian Airlines. They don't just want the orange planes. They want the landing slots at every major European airport, 30 years of route data and a customer who shows up every summer.
Predictable customers are the most valuable thing to an airline. Rebels aren't predictable, but adults are.
Is this just easyJet?
No. Monzo, Deliveroo, Revolut, Airbnb: every scrappy disruptor of the last decade is on the same runway. Rebellion is the phase and predictability is the exit. From chaos to cash flow, that's the voyage.
Every disruptor will tell you they'll change the world. And they will. What they don't say is that private equity is always waiting at the end of the story. easyJet spent 30 years teaching us to fly cheap. Now the new owners will probably want to teach us to pay more. Will you?
Will easyJet fares rise under new owners?
Your take. One tap, then see how everyone else voted.
Quick answers
How much is easyJet being sold for?
£5.5 billion, to an American private equity firm.
What does the buyer want from easyJet?
The landing slots at every major European airport, 30 years of route data and a customer who shows up every summer.
Which other disruptors are on the same path?
Huw names Monzo, Deliveroo, Revolut and Airbnb.
See you on the next one.
What should the next one be? Suggest a topic for Huw to explain
The conversation
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