US private equity firm Apollo Global Management will take the UK budget airline private after rival Castlelake withdrew its bid.
1:52 PM
EasyJet has agreed to be taken over by US private equity firm Apollo Global Management in a deal valuing the airline at approximately $7.7 billion, or £5.7 billion. The transaction was announced Thursday after rival bidder Castlelake withdrew from the auction process.
Apollo's offer of £7.15 per share exceeded Castlelake's final bid of £6.90 per share. EasyJet shares rose about 3.1% in afternoon trading in London following the announcement.
Castlelake, which had unveiled an improved offer for the London-listed carrier last month, said it was pulling out of the bid battle. Apollo's larger subsequent offer prompted the withdrawal.
The transaction is expected to be completed by the end of the first quarter of 2027. Apollo said in a statement that it was "highly supportive" of EasyJet's existing strategy, adding there was "a significant opportunity to accelerate the operational and commercial ambitions" for the EasyJet Group.
EasyJet is one of Europe's largest airlines, employing more than 19,000 people and operating around 1,200 routes across 35 European countries. The airline was founded by Sir Stelios Haji-Ioannou in 1995 to offer cheap air fares from the UK to Europe. Its first flights departed in November 1995, flying from Luton to Glasgow and Edinburgh, with international flights beginning the following year.
The airline holds valuable landing slots at several key European airports, a significant asset in the aviation industry. These slots provide access to major hubs and are difficult to obtain through regulatory channels.
U.S. private equity firm Apollo offered $9.6 per share for the British budget airline, prompting easyJet's board to reconsider its Castlelake agreement.
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