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THE would-be buyer of easyJet faces a bill of over £1 billion to use the ‘easy’ brand name owned by the airline’s founder Sir Stelios Haji-Ioannou.
EasyJet’s board last week rejected a £4.9 billion bid from US buyout firm Castlelake. But it has given its suitor ‘limited commercial access’ to its books so it can make a more attractive offer by next Sunday.
One of the key contracts that is likely to be examined is a licensing deal signed in 2010 under which easyJet pays Haji-Ioannou’s easyGroup an annual royalty of 0.25 per cent of the low-cost airline’s revenues for the next 50 years.
Takeover bid: US firm Castlelake has been upping the ante in its pursuit of the low-cost carrier
Last year the royalty fee came to £25 million – which, if steady, would amount to a total of another £850 million payable over the next 34 years. But that sum will increase over time if easyJet’s sales grow. It is unclear if there is a change-of-control clause in the licensing contract that would allow any new owner to re-negotiate the terms of the royalty deal.
Haji-Ioannou, who remains easyJet’s biggest shareholder with a 15 per cent stake, has been in a long-running series of trademark disputes and lawsuits over use of the ‘easy’ prefix. Castlelake’s latest offer – its fourth – values his holding at £735 million, but the easyJet founder is understood to want an ‘eye-watering’ bid to persuade him to sell.