Apollo Global Management has agreed a recommended cash takeover of easyJet in a deal valuing the UK low-cost carrier at £5.7 billion, or 715p per share. The board backed the offer after Castlelake walked away from its rival bid, ending a months-long contest for one of Europe’s largest budget airlines.
easyJet founder Sir Stelios Haji-Ioannou and his family supported the transaction, which remains subject to shareholder, court and regulatory approvals. The acquisition is expected to complete by the end of March 2027, subject to those clearances and to ownership arrangements that comply with airline rules.
The agreed offer follows Apollo’s higher counterbid after easyJet had earlier reached in-principle terms with Castlelake in July. The private-equity firm is expected to structure its holding to stay within aviation ownership limits, including a 49.9% cap, with an EU trust holding up to 5%.
If completed, the deal would take easyJet private and could alter competition in Europe’s short-haul market, where the airline operates a large network across key business and leisure routes.