EasyJet agrees to £5.7bn takeover by US firm
The no-frills carrier agrees to be bought by US firm Apollo after a rival suitor drops out.
EasyJet, the popular European no-frills airline, has reached an agreement to be acquired by US firm Apollo in a £5.7bn deal. This takeover came after Castlelake, a rival bidder, decided to withdraw from the bid process. Apollo aims to help the airline expand and does not plan to reduce any jobs in the first year following the takeover, suggesting passengers can expect a similar service.
EasyJet, founded by Sir Stelios Haji-Ioannou in 1995, operates over 1,200 routes across 35 European countries and employs more than 19,000 people. Its founders still own around 15% of the company. The airline had faced uncertainty about its ownership after Castlelake initially rejected its offer, only for Apollo to counter with a higher bid.
Under the agreement, EasyJet shareholders will receive £7.15 per share. While the deal needs regulatory approval, including in the EU where EasyJet will need to have a majority of EU-based ownership, Apollo believes it is a strong partner for the airline due to its experience in the aviation sector.
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