EasyJet agrees to £5.7bn takeover by US firm
No-frills airline EasyJet has agreed to be taken over in a £5.7bn deal by US firm Apollo after a rival bidder dropped out.
EasyJet has reached an agreement to be acquired in a £5.7 billion deal by US company Apollo, following the withdrawal of rival bidder Castlelake. The takeover was finalized after Castlelake decided to drop out of the competition. Apollo, which owns the Wagamama restaurant chain, expressed its intention to assist the airline's growth and maintain current services, with no plans to reduce staff within the first year following the completion of the takeover.
EasyJet, a prominent European airline with over 19,000 employees and a network of 1,200 routes across 35 countries, was established by Sir Stelios Haji-Ioannou in 1995 to provide affordable air travel. The airline's leadership, including Sir Stelios and his family, who still hold 15% of the company, have agreed to remain as major shareholders.
The acquisition, which requires approval from regulators, including the EU, aims to leverage Apollo's experience in the aviation sector and create further expansion opportunities for EasyJet.
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