EasyJet is set to be acquired by private equity firm Apollo in a £5.7 billion deal, following the withdrawal of rival bidder Castlelake from the bidding process.
Castlelake steps aside
Castlelake, which had previously offered £5.5 billion for the budget airline, confirmed it would not make a formal takeover offer ahead of Friday's deadline, allowing Apollo to proceed with its proposal.
The agreement will see Apollo pay shareholders 715p per share for the business. Apollo, which also owns Wagamama-owner The Restaurant Group, expects the deal to complete in the first quarter of 2027, subject to shareholder approval.
Founder's support
EasyJet founder Sir Stelios Haji-Ioannou, whose family holds around 15% of the company, has backed the takeover. He expressed satisfaction with Apollo's strategic plans for growth and confirmed his family's intention to remain long-term shareholders.
Sir Stephen Hester, easyJet's non-executive chairman, said the board had carefully evaluated Apollo's proposal alongside the company's standalone prospects, believing the offer delivers immediate and attractive value for shareholders.
Apollo's vision
Apollo executives described easyJet as one of the most attractive businesses in global aviation. Alex van Hoek, partner and European private equity lead at the firm, said they were proud to support easyJet's next phase of growth and its contribution to the European and UK aviation sector.
EasyJet was founded in 1995 by Sir Stelios as a low-cost alternative to British Airways and has grown into one of Europe's largest airline networks.
