Apollo acquires Easyjet for £5.7bn after Castlelake withdraws

Published Aug 6, 02:48 PM UTC

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.