Acquisition

easyJet PLC
25 October 2007

easyJet PLC
25 October 2007

                EASYJET PLC AGREES TO ACQUIRE GB AIRWAYS LIMITED

easyJet PLC ('easyJet')  announced today that it has agreed to acquire the
entire issued share capital of GB Airways Ltd ('GB Airways'), excluding its
slots at Heathrow Airport, from the Bland Group Limited, for a cash
consideration of £103.5 million.

GB Airways is primarily a London Gatwick based point-to-point airline operating
to destinations across Southern Europe and North Africa under a franchise
agreement with British Airways PLC ('British Airways'). It serves 31
destinations and operates 15 Airbus aircraft (9 A320s and 6 A321s) with an
average age of 4.1 years, which are complementary to the easyJet fleet of 107
A319s.  In total it operates 39 routes - 28 from Gatwick, 6 from Manchester, 5
from Heathrow.

Based upon its statutory accounts under UK GAAP for the year ended 31 March
2007, GB Airways reported profit before tax of £2.6 million and EBITDAR of £35
million on revenues of £250 million; it carried 2.8 million passengers; had
gross assets of £182 million and net assets of £33 million.

The acquisition of GB Airways is consistent with easyJet's expansion strategy
and, importantly, strengthens its customer offering at Gatwick, the airline's
biggest base which has a highly attractive catchment area in London and South
East England. The purchase adds valuable take-off and landing slots at Gatwick
and the opportunity to accelerate easyJet's route development. Following the
acquisition, easyJet will operate 24% of Gatwick's slots and will fly
approximately 8 million passengers across 62 routes from Gatwick.

By Winter 2008/09, GB Airways will be fully consolidated into the easyJet
business model, releasing cost savings. The acquisition will be positive to
easyJet's earnings per share and return on equity in easyJet's current financial
year, before one-off integration costs. easyJet anticipates GB Airways' seat
profitability reaching a similar level to its own at Gatwick in the first full
financial year of operation.

Andy Harrison, Chief Executive of easyJet, said:

'This is an acquisition which both strengthens our customer offering at London
Gatwick, our biggest base with an attractive catchment area, and allows us to
fully capitalise on the potential of the airport through a larger number of
slots.  The deal will bring major benefits to both easyJet and GB Airways
customers, delivering a wider choice of destinations at easyJet's great prices,
and creating clear value for our shareholders.  We expect the acquisition to be
earnings positive in our current financial year and in the longer-term we will
transition the GB Airways operation to easyJet's cost base and operating margin
levels.  We expect to achieve both cost and revenue synergies as we expand our
business at Gatwick.'

easyJet will co-operate with British Airways to ensure a smooth and orderly
transition for customers.  To this end GB Airways will continue to operate all
routes under the British Airways brand until March 29th, 2008 after which
flights will operate under the easyJet brand.

Kevin Hatton, Chief Executive of GB Airways, said:



'The sale agreement brings to an end a period of uncertainty about the future
direction of our company. We are pleased that the business and customer base
built up by GB Airways will now be secured and strengthened under the ownership
of the UK's largest airline by passenger numbers, and one of the industry's most
powerful brands. We will fulfil our outstanding obligation as a franchise
partner to British Airways and then look forward to a smooth operational merger
with easyJet.'

The total consideration of £103.5 million is payable in cash of which £11.5
million is held in escrow as security for any claims under the acquisition
agreement.  GB Airways' Heathrow slots will be exchanged under three separate
agreements, the consideration for which will be passed on to the Bland Group
(net of costs) on receipt.  Completion is subject to the usual conditions,
including approval from the relevant regulatory authorities.  The transaction is
expected to complete no later than 31st January 2008.

                                      ENDS



A presentation can be viewed in the Investor Relations section of easyJet.com



There will be an analyst and investor conference call at 08.30 today. For
further details, contact Katie Millett at Financial Dynamics on [phone]
7153 or email [e-mail].





Enquiries

For further details please contact:

Andrew Barker, Investor Relations                 [phone]

Toby Nicol, Corporate Communications              [phone]


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