Apollo set to acquire EasyJet after Castlelake withdraws rival bid
EasyJet extended Castlelake’s bid deadline to August 7 to match Apollo’s, but Castlelake withdrew on August 6, clearing the path for Apollo’s £5.5 billion ($7.7 billion) takeover at £7.15 per share. The deal, which values EasyJet at a 73% premium, will delist the airline from the London Stock Exchange. Castlelake’s withdrawal was partly complicated by EU ownership rules for airlines. The acquisition is expected to close by Q1 2027.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page itself is projected from evidence records.
- Current automated evidence projection
Cross-source coverage
Wire timeline
Apollo Acquires Easyjet for £5.7 Billion After Castlelake Withdraws
Easyjet has agreed to a £5.7 billion takeover by American private equity firm Apollo Global Management, after rival bidder Castlelake withdrew from the process. The deal, announced jointly on Thursday, has the backing of Easyjet founder Stelios Haji-Ioannou, who plans to remain a long-term major shareholder. Apollo's offer represents an 81% premium to Easyjet's pre-bid share price. To comply with EU ownership rules, Apollo will own 49.9% of the airline, with Haji-Ioannou rolling his family's stake into the new parent company and placing a 5% stake into an EU trust. The acquisition marks the first time a large European carrier will be held in private markets. Castlelake, which had made several unsolicited offers, said it appreciated the engagement but would not make a firm bid. Apollo was advised by PJT Partners, Barclays, and Citigroup.
Apollo acquires Easyjet for £5.7bn after Castlelake withdraws
Easyjet has agreed to a £5.7 billion takeover by American private equity firm Apollo Global Management, after rival bidder Castlelake withdrew from the bidding process. The deal, announced jointly on Thursday, has the backing of Easyjet founder Stelios Haji-Ioannou, who plans to remain a long-term major shareholder. Apollo's offer represents an 81% premium to the airline's pre-bid share price. To comply with EU ownership rules requiring majority EU control, Haji-Ioannou will roll his family's stake into the new parent company, and a 5% stake will be placed in an EU trust, leaving Apollo with 49.9% ownership. The acquisition marks the first time a large European carrier will be held in private markets. Castlelake, which had a preliminary £5.5 billion offer accepted, pulled out after Apollo tabled a higher bid. PJT Partners, Barclays, and Citigroup advised Apollo on the deal.
Apollo acquires Easyjet for £5.7bn after Castlelake withdraws
Easyjet has agreed to a £5.7 billion takeover by American private equity firm Apollo Global Management, after rival bidder Castlelake withdrew from the process. The deal, announced jointly on Thursday, has the backing of Easyjet founder Stelios Haji-Ioannou, who plans to remain a long-term major shareholder. Apollo's offer represents an 81% premium to Easyjet's pre-bid share price. To comply with EU ownership rules requiring majority EU control, Haji-Ioannou will roll his family's stake into the new parent company, and a 5% stake will be placed in an EU trust, leaving Apollo with 49.9% ownership. Easyjet will become the first large European carrier to be held in private markets. Castlelake had made several unsolicited offers before Apollo's higher bid emerged.
Show 6 older updatesHide older updates
Apollo Global Management to acquire UK airline EasyJet in $7.7 billion deal after Castlelake withdraws
Apollo Global Management has agreed to buy UK budget airline EasyJet in a deal valuing the carrier at approximately $7.7 billion, after rival private equity firm Castlelake withdrew its bid. EasyJet shares initially fell over 6% on Castlelake's announcement but rebounded to close about 3.1% higher. Under the terms, EasyJet investors will receive £7.15 per share, a 54% premium to the closing price before the Middle East conflict began. The transaction is expected to be completed by the end of the first quarter of next year. EasyJet, which holds valuable landing slots at key European airports including London Gatwick, Paris, and Geneva, had previously rejected a $6.64 billion bid from Castlelake in June before agreeing in principle to an improved $7.3 billion offer last month. Apollo's bid followed shortly after. EasyJet's CEO welcomed Apollo's commitment, citing its aviation sector experience.
EasyJet set for £5.7bn US takeover as Stelios backs deal
EasyJet founder Sir Stelios Haji-Ioannou has endorsed a £5.7 billion takeover of the low-cost airline by US private equity giant Apollo, after rival bidder Castlelake withdrew from the race. Stelios, who owns a 15% stake worth £900 million, plans to roll over his shares into a new vehicle set up by Apollo rather than cashing out, signaling long-term commitment. The deal values EasyJet at £7.15 per share and ends a bidding war that began in June when Castlelake made an initial hostile offer. EasyJet's board accepted Apollo's offer, with CEO Kenton Jarvis citing Apollo's aviation experience as a strong fit. The airline's shares surged to their highest level since the pandemic, though they remain over 50% below their peak a decade ago. Stelios expressed confidence in Apollo's growth strategy for the airline.
Easyjet heading to Apollo after Castlelake withdraws
Apollo Global Management is on the verge of taking control of low-cost airline Easyjet after rival bidder Castlelake withdrew from the bidding process. Castlelake, a $38bn alternative investor, announced on Thursday it did not intend to make an offer for the airline, ending a takeover battle that began in May. Castlelake had made several unsolicited offers, eventually securing a preliminary £5.5bn acceptance from Easyjet's board, but was later outbid by Apollo last month. The withdrawal clears the path for Apollo to finalize its acquisition of the orange-liveried carrier.
EasyJet aligns Apollo and Castlelake bid deadlines to August 7
EasyJet announced on Monday that it has aligned the bidding deadlines for Apollo Global Management and Castlelake LP, giving both firms until 5 p.m. on Friday, August 7 to either declare a firm intention to make an offer or announce they will not proceed. The Panel on Takeovers and Mergers consented to an extension of Castlelake's original deadline from August 3 to August 7, matching Apollo's existing deadline. Both firms have had access to due diligence materials. EasyJet's board previously agreed in principle to Apollo's £7.15 per share cash offer, valued at roughly £5.5 billion, and indicated it was no longer minded to recommend Castlelake's earlier offer of £6.90 per share. A complication for Castlelake involves an EU rule requiring airlines flying within the bloc to remain majority-owned by EU nationals, leading to an 'opaque' ownership structure. EasyJet cautioned that no certainty exists that any firm offer will be made.
EasyJet aligns Apollo and Castlelake bid deadlines to August 7
EasyJet announced on August 3, 2026, that it has aligned the bidding deadlines for Apollo Global Management and Castlelake LP to 5 p.m. on Friday, August 7. The Panel on Takeovers and Mergers consented to extend Castlelake's original 'put up or shut up' deadline from August 3 to match Apollo's existing deadline. Both firms have had access to due diligence materials and must now either declare a firm intention to make an offer or announce they will not proceed. EasyJet's board previously agreed in principle to Apollo's £7.15 per share cash offer (valued at roughly £5.5 billion), indicating it was no longer minded to recommend Castlelake's earlier £6.90 per share offer. A complication for Castlelake involves an EU rule requiring airlines flying within the bloc remain majority-owned by EU nationals; Castlelake structured its acquisition vehicle to cap its own stake at 49%. EasyJet cautioned there is no certainty any firm offer will be made.
Easyjet extends deadline for Castlelake to counter Apollo takeover bid
Easyjet has extended the deadline for asset manager Castlelake to submit a rival takeover bid, after its earlier offer was surpassed by investment giant Apollo last month. The budget airline stated it still intends to recommend Apollo's deal, which values shares at £7.15 each, but has aligned Castlelake's deadline with Apollo's, requiring both to make a firm offer or withdraw by 5pm on 7 August. Castlelake's original deadline was 3 August. Easyjet previously rejected multiple Castlelake offers before agreeing to Apollo's bid, which values the airline at approximately £5.5 billion—a 73% premium over its closing price on 29 May. The takeover interest has driven Easyjet's shares up over 40% since early June, trading around 623p. A confirmed Apollo deal would see Easyjet delist from the London Stock Exchange, joining a wave of major UK firms acquired by foreign entities this year, including Schroders and Tate & Lyle, with total deal values exceeding £40 billion.