July 5 (Reuters) - A £5.50 billion ($7.34 billion) deal for U.S. investment firm Castlelake to acquire British budget airline easyJet EZJ.L, announced on Sunday, would mark a new chapter in the carrier's 31-year history.

Here is a timeline of easyJet's key milestones:

1995

Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.

2002

Acquires rival Go Fly.

2007

Acquires rival GB Airways.

2011 – 2013

Buys 135 Airbus aircraft, modernising fleet.

2020

COVID-19 forces 4,500 job cuts and shrinking of fleet.

2021

Rejects takeover approach from Wizz Air WIZZ.L, raises $1.7 billion from existing shareholders.

February - March 2026

Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages.

May 29, 2026

Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet.

June 12, 2026

Castlelake privately submits takeover proposal at £5.60 per share.

June 16, 2026

EasyJet rejects Castlelake's bid.

June 17, 2026

Castlelake returns with £6.00 a share private bid.

June 20, 2026

EasyJet board rejects Castlelake's second proposal, prompting it to increase private offer to £6.25 a share.

June 21, 2026

EasyJet rejects Castlelake's third proposal, calling it "cheap".

June 22, 2026

Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules.

June 23, 2026

Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed.

June 25, 2026

EasyJet says it has rejected that bid but agrees to share some internal data with Castlelake in hopes of a higher bid. Sets July 5 deadline.

July 5, 2026

EasyJet and Castlelake announce deal in principle at £6.90 a share, valuing the airline at £5.5 billion on a fully diluted basis.

($1 = 0.7490 pounds)