EasyJet investors back $7.61 billion takeover by Apollo
PA Media/dpaLondonEasyJet shareholders have given the green light to the airline’s £5.7 billion ($7.61 billion) private equity takeover in a move paving the way for it to fall into...
EasyJet shareholders have approved a £5.7 billion ($7.61 billion) takeover by US investment group Apollo, setting the stage for the British airline to fall under American ownership. At a recent meeting of investors, 97.07 percent of shareholders voted in favor of the deal, while 2.93 percent opposed it. The Luton-based carrier announced that the takeover is expected to be completed by the end of March next year.
The board of EasyJet agreed to the takeover in August, which would mark the end of more than 26 years on the London stock market. Apollo, which owns various businesses such as The Restaurant Group, secured the deal after winning a bidding war with US investment firm Castlelake. Castlelake had previously offered £5.5 billion, or 690p a share, for easyJet, but withdrew from the competition in August.
EasyJet was founded in 1995 by Sir Stelios Haji-Ioannou with the aim of providing a low-cost alternative to British Airways. Since then, the airline has expanded to become one of the largest networks across Europe, listing on the London Stock Exchange on November 22, 2000. Both Sir Stelios and his family, who own around 15 percent of the business, have expressed their support for the takeover.
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