Latest news with #Castlelake
Business Wire
14-07-2025
- Business
- Business Wire
Pagaya Signs New Forward Flow Agreement with Castlelake to Purchase Up to $2.5 Billion in Personal Loans
NEW YORK--(BUSINESS WIRE)--Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or 'the Company'), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced a new forward flow agreement with Castlelake, L.P. ("Castlelake"), a global alternative investment firm specializing in asset-based private credit, for the purchase of up $2.5 billion of personal loan assets over a 16-month term, subject to satisfaction of closing conditions. This new deal provides additional funding capacity for accelerated growth of Pagaya's personal loan program. It builds on Pagaya and Castlelake's first forward flow agreement, which was signed in 2024 and committed up to $1 billion in capital over a 12 month period. 'This agreement underscores the improving diversification and efficiency of our funding infrastructure, and bolsters our growth, earnings power, and cash flow profile,' said Evangelos Perros, CFO of Pagaya. 'We will continue to find ways to optimize both our funding mix and our balance sheet, reinforcing our statements of executing a self-funded growth plan without the need to raise equity capital.' 'We are pleased to strengthen our partnership with Pagaya through this new agreement and expand our ability to provide Castlelake investors with what we believe to be attractive risk-adjusted opportunities,' said John Lundquist, Partner, Specialty Finance at Castlelake. 'We believe Pagaya's tech-driven platform can provide credit services to consumers in a format that supports efficient, scaled investment.' Pagaya's AI-driven network unlocks access to high-quality consumer credit assets across a growing list of lending partners spanning three product verticals: personal loans, auto loans, and point of sale (POS). The agreement with Castlelake plays a key role in funding Pagaya's expansion in personal loans – including by enabling the ramp up of volumes from recently added and existing lending partners. 'The continued expansion of our funding program demonstrates Pagaya's ability to consistently deliver attractive assets to investors,' said Sanjiv Das, President and Co-Founder of Pagaya. 'We're proud to build our partnership with Castlelake, whose commitment helps enable us to accelerate the growth of our platform.' About Pagaya Technologies Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and other products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. For more information, visit
Bloomberg
14-07-2025
- Business
- Bloomberg
Castlelake to Buy Up to $2.5 Billion of Pagaya Consumer Loans
Castlelake LP has agreed to purchase as much as $2.5 billion of consumer loans from financial technology firm Pagaya Technologies, the latest in a string of deals for the AI-driven lender. The firm will buy the loans over a 16-month period through a so-called forward flow agreement, by which investors agree to snap up the loans before they are originated, according to a statement. The deal will help fund the expansion of Pagaya's personal loan program.
Travel Weekly
07-07-2025
- Business
- Travel Weekly
Air France-KLM proposes to acquire a controlling stake in SAS
Air France-KLM has begun a process to take a controlling stake in fellow SkyTeam Alliance member Scandinavian Airlines (SAS). If the arrangement receives regulatory approval, Air France-KLM hopes to close the transaction in the second half of 2026. Air France-KLM took a 19.9% stake in SAS as part of the financial restructuring package that ushered the Sweden-headquartered airline out of Chapter 11 bankruptcy last summer. Under the new takeover agreement, Air France-KLM would acquire the SAS stakes currently held by global investment firm Castlelake and Danish company Lind Invest, leaving it with 60.2% of the Scandinavian carrier. The Danish state would retain 26.4% ownership of SAS and a seat on the board. The purchase price would be determined at closing, based on SAS's valuation. SAS currently codeshares and interlines with Air France-KLM. SAS joined SkyTeam last September, jumping over from the Star Alliance as Air France-KLM became a large shareholder. "This new step would allow Air France-KLM and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities," Air France-KLM said in a statement. SAS said the move reflects a broader trend toward airline consolidation. SAS called joining Air France-KLM, "a step that is essential to ensuring long-term competitiveness for European carriers in an increasingly globalized market."
New York Post
04-07-2025
- Business
- New York Post
Air France-KLM to take majority stake in Scandinavian airline SAS
Air France-KLM plans to increase its stake in Scandinavian airline SAS to 60.5%, the latest step towards consolidating Europe's fragmented airline sector as carriers seek to strengthen their position against rivals. The Franco-Dutch airline group said on Friday it intended to increase its stake from 19.9% currently by acquiring the stakes held by top shareholders Castlelake and Lind Invest. The purchase, subject to regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said. Advertisement 3 Air France-KLM is looking to increase it's stake in Scandinavian carrier SAS to 60.5% from 19.9%. EPA The value of the investment would be determined at closing, based on SAS's latest financial performance, including core earnings and net debt, the company said. It declined to give details on those metrics. Air France-KLM expects to generate 'three-digit million' euros in synergies from raising its SAS stake, finance chief Steven Zaat told analysts on a call. Advertisement Zaat said the deal would be funded from cash or a 'plain vanilla bond' and would not impact the drive to reduce the group's hybrid debt. 'We have ample room for it,' he said. SAS welcomed Air France-KLM's announcement. 'European consolidation had to happen further, and we're very happy to be part of that,' SAS CEO Anko van der Werff told Danish broadcaster TV2. 3 The Danish government will keep its 26.4% stake in SAS and its seats on the board. REUTERS Advertisement 'In the current setup where Air France-KLM is a 19.9% shareholder, they're still a competitor,' he said. 'With the new stake, going above 50%, we can really tap into all of those synergies and offer those benefits to customers.' SAS said it would continue to invest in its fleet and network. In 2023, Air France-KLM said it would invest about $144.5 million for its initial SAS stake, boosting its presence in Sweden, Denmark and Norway with the option to become a controlling shareholder after a minimum of two years, subject to conditions. SAS exited from Chapter 11 bankruptcy protection in August 2024. Advertisement 3 Air France-KLM CEO Ben Smith. Bloomberg via Getty Images The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, Air France-KLM said in a statement. 'Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline's potential will continue to grow through deeper integration within the Air France-KLM Group,' said Air France-KLM CEO Ben Smith. The deal comes as executives seek more consolidation in Europe's fragmented airline industry, which they say is needed to compete with U.S. and Middle Eastern rivals. SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of 4.1 billion euros ($4.8 billion). Air France-KLM group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board.
Irish Examiner
04-07-2025
- Business
- Irish Examiner
Air France-KLM to take majority stake in Scandinavian carrier SAS
Air France-KLM plans to increase its stake in Scandinavian airline SAS to 60.5%, the latest step towards consolidating Europe's fragmented airline sector as carriers seek to strengthen their position against rivals. The Franco-Dutch airline group said on Friday it intended to increase its stake from 19.9% currently by acquiring the stakes held by top shareholders Castlelake and Lind Invest. The purchase, subject to regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said. The value of the investment would be determined at closing, based on SAS's latest financial performance, including core earnings (EBITDA) and net debt, the company said. It declined to give details on those metrics. SAS flies to Dublin from Oslo, Copenhagen, and Stockholm. Air France flies from Cork and Dublin to Paris. KLM flies to Amsterdam from Cork and also flies transatlantic to Dublin, with 142 weekly flights from the capital. Air France-KLM expects to generate "three-digit million" euro in synergies from raising its SAS stake, Air France-KLM finance chief Steven Zaat told analysts on a call. Mr Zaat said the deal would be funded from cash or a "plain vanilla bond" and would not impact the drive to reduce the group's hybrid debt. "We have ample room for it," he said. Air France-KLM shares were flat in early trading. JPMorgan analysts said there were reasons to be positive about the deal. "SAS offers deeper access to a GDP-rich region in Scandinavia, there will now be an opportunity to unlock cost synergies as SAS becomes a subsidiary of the group," they said in a note, adding that "industry consolidation should also be viewed positively for the whole sector, even if not game-changing in terms of size." SAS welcomed Air France-KLM's announcement. "European consolidation had to happen further, and we're very happy to be part of that," SAS CEO Anko van der Werff told Danish broadcaster TV2. "In the current setup where Air France-KLM is a 19.9% shareholder, they're still a competitor," he said. "With the new stake, going above 50%, we can really tap into all of those synergies and offer those benefits to customers." SAS said it would continue to invest in its fleet and network. In 2023, Air France-KLM said it would invest about $144.5m (€122.7m) for its initial SAS stake, boosting its presence in Sweden, Denmark and Norway with the option to become a controlling shareholder after a minimum of two years, subject to conditions. SAS exited from Chapter 11 bankruptcy protection in August last year. The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, Air France-KLM said in a statement. "Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline's potential will continue to grow through deeper integration within the Air France-KLM Group," said Air France-KLM chief executive Ben Smith. The deal comes as executives seek more consolidation in Europe's fragmented airline industry, which they say is needed to compete with US and Middle Eastern rivals. Earlier this year, Germany's Lufthansa bought a 41% stake in Italy's ITA Airways and a stake in Air Baltic. The Portuguese government is looking to privatise its national carrier TAP. Lufthansa and Air France are also in talks about buying a stake in Spain's Air Europa. SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of €4.1bn. Air France-KLM group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board. Reuters
