easyJet has agreed to a recommended cash takeover by Apollo’s Eagle Bidco at 715p per share, valuing the UK carrier at about £5.7 billion. Castlelake has abandoned its pursuit, leaving Apollo as the sole bidder in a transaction that would take one of Europe’s largest low-cost airlines off the London market if completed.
easyJet’s board has unanimously backed the offer, which is structured as a court-approved scheme of arrangement and remains subject to shareholder, court and regulatory approvals. The timetable currently points to a scheme document by 15 October, with the court and general meetings expected in the week starting 9 November. Completion is still targeted for the end of the first quarter of 2027.
The offer price represents a substantial premium to the pre-offer share price and gives the deal immediate relevance for investors and the wider aviation sector. Apollo’s bid topped Castlelake’s earlier proposal, ending a bidding contest that had centred on control of a major European carrier with a strong position in short-haul travel. The current focus is on the transaction terms, valuation and approval process rather than any change in easyJet’s operational strategy.