EasyJet has entered into a £5.7 billion acquisition agreement with Apollo Global Management, a private equity firm from the United States, following the withdrawal of a competing bid from Castlelake. The terms of the deal specify that Apollo will offer £7.15 per share for easyJet, with the transaction anticipated to close by the end of March 2027, pending necessary regulatory approvals.
Initially, easyJet had leaned towards a sale to Castlelake, but Apollo’s enhanced offer led to a competitive bidding scenario. Ultimately, Castlelake chose not to pursue a final bid, paving the way for Apollo’s successful acquisition. Under the terms of the new ownership, easyJet’s founder, Stelios Haji-Ioannou, along with his family, will maintain their current shareholding. Apollo’s ownership will not exceed 49.9%, adhering to a shareholding arrangement designed to ensure compliance with European Union ownership regulations.
Apollo has pledged to uphold easyJet’s headquarters in both the United Kingdom and the European Union, while also supporting the airline’s existing strategy aimed at growth. The private equity firm has expressed confidence in the long-term potential of easyJet’s aviation network across Europe and the UK. This commitment comes as part of Apollo’s broader vision to capitalize on the airline’s established market presence and future opportunities.
The board at easyJet highlighted that Apollo’s offer delivers immediate and notable value to shareholders, reflecting both the airline’s current strength and its promising prospects. The announcement of Apollo’s acquisition followed a notable decline in easyJet’s share value due to Castlelake’s withdrawal. However, shares rebounded as investors reacted positively to the confirmed agreement with Apollo.