Apollo’s £5.7bn easyJet takeover expected to close early next year
TOP STORY: Apollo Global Management’s proposed £5.7bn acquisition of EasyJet remains on course to complete in early 2027, according a report by Bloomberg citing comments from the airline’s chief executive, Kenton Jarvis, although regulatory approval is still outstanding.
Apollo Global Management's £5.7bn takeover of EasyJet is on track to be completed early next year, according to Bloomberg's report. The airline's CEO, Kenton Jarvis, stated this at a meeting in Brussels, despite regulatory approval still being pending. During the discussion, Jarvis expressed no significant opposition from shareholders towards the deal, but admitted the regulatory outcome remains uncertain.
EasyJet is set to release a scheme document next week, providing further details on the proposed transaction. The acquisition, finalized in August after rival bidder Castlelake withdrew, would grant Apollo control over EasyJet, a budget airline with a significant European presence. This includes a strong fleet of modern Airbus A320-family aircraft, advantageous landing slots at busy airports in London, Milan, and Geneva, and a well-established package holiday business.
The airline's founder, Stelios Haji-Ioannou, still holds a substantial 15.3% stake in the company. Jarvis confirmed that Haji-Ioannou, who supports the acquisition, would maintain a board presence after the takeover. The deal must comply with UK and European rules stipulating airlines must be majority-owned and controlled by eligible regional nationals.
Although Apollo, as a US-based investor, cannot fulfill this requirement fully, the proposed transaction has been structured to meet these regulations. EasyJet will retain its current name post-acquisition, as confirmed by Jarvis in his first media interview since the announcement.
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