Apollo Global Management acquires Easyjet for £5.7 billion

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, 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.