EasyJet agrees $7.7bn Apollo deal as Castlelake walks away
Apollo Global has agreed to buy European budget airline easyJet in a deal that values the carrier at about £5.70 n ($7.7bn), the companies said on Thursday, as rival suitor Castlelake abandoned its pu...
EasyJet has agreed to a $7.7 billion acquisition by private equity firm Apollo Global, according to Reuters. The deal values the low-cost airline at approximately £5.70 billion. Rival suitor Castlelake has withdrawn from the takeover race without providing a reason. Castlelake had previously made five bids for easyJet before Apollo entered the market in July, ultimately securing the airline's board approval.
The deal is expected to leave Apollo's founder family and remaining shareholders with 45.1% to 49.9% ownership of the purchasing entity, while an EU management trust will hold up to 5%, and Apollo's funds will own the rest, up to a maximum of 49.9%. easyJet founder Stelios Haji-Ioannou and his family expressed support for the acquisition, which the board unanimously recommended.
The £7.15 per share offer represents an 81% premium to easyJet's closing price on May 28, the last trading day before Castlelake's interest became public.
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