EasyJet backs £5.7bn Apollo bid over Castlelake offer
The airline said Apollo’s higher cash offer would give shareholders a better outcome and could trigger a takeover battle with Castlelake.
- 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.
86 Articles
86 Articles
EasyJet agrees to $7.7B takeover by Apollo, topping Castlelake’s bid
British budget airline EasyJet said Friday it reached an agreement in principle for a £5.7-billion ($7.7-billion) takeover by U.S. private equity firm Apollo, topping a rival offer from fellow American private equity investor Castlelake. The fresh offer signals a bidding battle could now emerge between the two U.S. investors for ownership of the carrier. Apollo’s...
easyJet takeover thrown wide open by rival $7.6 billion bid
Just as the takeover of easyJet by Castlelake appeared to be a done deal, a rival offer from US private equity firm Apollo has thrown the situation wide open. On July 10, 2026, easyJet told its shareholders that an “agreement in principle” had been reached with Apollo to buy the airline for $7.6 billion (£5.7 billion). The low-cost-carrier said the offer “delivers a superior outcome” for easyJet shareholders from that offered by investment firm …
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