Easyjet founder Sir Stelios Haji-Ioannou is in line for a bumper £800m payday from the airline’s takeover by private equity firm Castlelake.

The offer of £6.90 per share for Easyjet remains short of the £7 per share offer that some shareholders had been holding out for.

Agreement in principle with Castlelake follows several rejected offers and means UK’s biggest low-cost carrier will be taken private

The agreement marks huge progress for the companies after months of fraught negotiations