Budget airline easyJet has agreed to be bought by US investment giant Apollo Global for £5.7 billion, trumping an earlier approach by another American suitor, Castlelake.
Deal Terms and Background
The Luton-based carrier confirmed it “reached an agreement in principle on the key financial terms of a possible cash offer for the entire issued and to be issued share capital of easyJet.” Under the terms of the Apollo Proposal, easyJet shareholders would be entitled to receive £7.15 per easyJet share.
Apollo’s swoop comes after easyJet had engaged with Castlelake, a private credit group, about a possible takeover. The deal would make easyJet the latest in a long line of listed UK companies being snapped up by foreign buyers, taken private, or moving their listings abroad.
Impact on Customers and Employees
It is unclear what the deal, if it goes ahead, would mean for easyJet customers and its employees. The airline has not yet commented on potential changes to operations, routes, or staffing.
EasyJet, which operates from multiple UK bases including Luton, Gatwick, and Manchester, carried over 80 million passengers in the last financial year. The acquisition would mark a significant shift in ownership for one of Europe's largest low-cost carriers.
