EasyJet backs £5.7bn Apollo bid over Castlelake offer
The board said Apollo’s bid offers a 3.6% higher price per share than Castlelake’s and could trigger a takeover battle.
- On Friday, July 10, 2026, the EasyJet board agreed in principle to a £5.7 billion takeover approach from Apollo Global, withdrawing support for a lower proposal from rival suitor Castlelake.
- Apollo's proposal of £7.15 per share is about 3.6% higher than Castlelake's latest bid of £6.90, prompting the board to shift its recommendation after previously agreeing to the lower offer.
- The Apollo Global offer represents an 81 per cent premium to EasyJet's closing share price of £3.94 on May 28, valuing the firm at approximately $7.66 billion.
- EasyJet and Apollo said in a joint statement the cash offer delivers a "superior outcome" for shareholders, who may also choose the "Stub Equity Alternative" to maintain their investment.
- Apollo must announce a firm offer for EasyJet by August 7, while rival bidder Castlelake has until August 3 to respond or walk away from the takeover process.
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53 Articles
The second European airline announced this Friday a potential acquisition by the US Apollo fund. On 5 July, it had already announced an agreement in principle with another investment company.
EasyJet accepts takeover offer from by private equity firm Apollo amid apparent bidding war with Castlerock
British budget airline EasyJet says it's reached an agreement in principle for a £5.7-billion ($7.7billion) takeover by U.S. private equity firm Apollo, topping a rival offer from fellow American private equity investor Castlelake.
This new surprise offer of 7.15 pounds per share "provides a higher result for the shareholders of easyJet by providing them with a higher cash value than Castlelake's last proposal, at 6.90 pounds per share," explains the British airline.
A second buyer has come forward for EasyJet. After American investor Castlelake reached a preliminary agreement earlier this week regarding a...
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