Why must Castlelake partner with others for EasyJet control?

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Castlelake must partner with others because it is a US company that cannot take majority control of a European airline.

EasyJet said the US investor Castlelake agreed “in principle” to its fifth takeover offer, with Castlelake offering £6.90 per share and valuing the airline at £5.2 billion. Since Castlelake is based in the United States, it cannot take majority control of a European airline, so it needs partners to pursue control of EasyJet.
US company ownership limits European airline control
The key constraint is legal and ownership related: a US company cannot take majority control of a European airline. This is why Castlelake cannot simply move forward on its own to secure control of EasyJet.
EasyJet’s fifth bid reached an “in principle” stage
The takeover process culminated in EasyJet agreeing “in principle” to Castlelake’s fifth offer. The latest offer is described at £6.90 per share, and it values EasyJet at £5.2 billion.
Partners are needed to structure a control arrangement
Because Castlelake cannot hold majority control by itself, it must work with other parties. The reported partners include aviation managers Peter Bellew and Mark Breen.
The offer history shows EasyJet had previously rejected lower terms
EasyJet rejected a £4.93 billion offer on June 25, which was an increase from the previous bid, and indicated it could return with a “more attractive proposal.” The later agreement “in principle” is tied to Castlelake’s higher valuation at £5.2 billion.

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Why must Castlelake partner with others for EasyJet control?

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