Aviation: Financial investor Apollo takes over low-cost airline Easyjet
The rival bidder Castlelake abandons its takeover attempt. Castlelake had already submitted five bids for easyJet before Apollo entered the bidding contest in July.
Düsseldorf - British budget airline Easyjet has been acquired by US financial investor Apollo. This deal, confirmed after much deliberation, saw Apollo pay £7.15 per Easyjet share, or £5.7 billion, equating to €6.7 billion. The offer, initially suggested four weeks prior, marked the highest bid Easyjet had received.
Interestingly, US financial investor Castlelake, which had been holding Easyjet's shares since May, withdrew its bid once Apollo made its proposal. Castlelake had been negotiating with Easyjet over a potential takeover over several weeks, initially offering £6.90 per share. Following Castlelake's announcement of its withdrawal, Easyjet's shares plummeted by up to ten percent on the stock exchange. However, shortly after, the news of the agreement with Apollo was broadcast, causing a significant rebound in the share price.
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