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BusinessRunning 3d ↳ Apollo to acquire EasyJet for £5.7bn after Castlelake withdraws bid

Apollo to acquire EasyJet for £5.7bn after Castlelake withdraws bid

US private equity firm Apollo agrees to buy European budget airline EasyJet after rival bidder Castlelake exits, with deal pending regulatory approval.

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Summary, timeline and people extracted by Claude from 7 items across 3 sources · 22h ago. Quotes are verbatim.

US private equity giant Apollo has agreed to acquire EasyJet, Europe's largest budget airline, for £5.7bn (£7.15 per share) after rival bidder Castlelake withdrew from the takeover battle. The deal will result in EasyJet delisting from London stock exchange and becoming a private company, though Apollo pledges not to cut jobs in the first 12 months and says it is committed to growing the airline's operations. The acquisition still requires regulatory approval, particularly from EU authorities that typically require majority EU-based ownership.

  • Apollo acquires EasyJet for £5.7bn at £7.15 per share after Castlelake's withdrawal from bidding battle.
  • Deal will delist EasyJet from London stock exchange; regulatory approval required, particularly from EU authorities due to majority EU ownership requirements.
  • Apollo commits to no job cuts in first 12 months post-acquisition; deal will load airline with approximately £3bn in debt.
  • EasyJet founder Sir Stelios retains 15% shareholding and supports growth plans; expert analysis raises concerns about private equity buyout track record in British consumer brands.

How it unfolded

  1. Analysis Market observers weigh implications

    Analysis published on deal completion highlights concerns about private equity buyouts of British consumer brands, citing poor outcomes from Asda and Morrisons acquisitions, and notes EasyJet as another major British brand exiting public markets.

  2. Report Reports of EasyJet debt loading and Virgin Atlantic talks

    Media reports indicate Apollo plans to load EasyJet with £3bn debt and that EasyJet is in tie-up discussions with Virgin Atlantic following the takeover agreement.

  3. Event Castlelake withdraws, Apollo takeover agreed

    Castlelake withdraws from the bid battle, clearing the way for EasyJet to agree to acquisition by Apollo at £7.15 per share.

  4. 5 weeks quiet
  5. Event EasyJet and Castlelake agree deal in principle

    After initial rejections, EasyJet and Castlelake announce agreement in principle for the acquisition.

  6. 9 weeks quiet
  7. Event Castlelake emerges as potential bidder

    US investment firm Castlelake begins considering a bid for EasyJet, with the carrier initially rebuffing approaches and accusing Castlelake of attempting to buy it on the cheap.

What people are saying verbatim

“My family and I intend to remain invested as long-term major shareholders of EasyJet for the next chapter in the company's journey.”

Sir Stelios Haji-Ioannou · BBC · Aug 8

“EasyJet is a leader in European aviation, having built a differentiated market position through its compelling customer proposition, expansive network and strong brand.”

Alex van Hoek, Apollo partner · BBC · Aug 8

“We welcome Apollo's commitment to our business and our people, and believe that its experience in the aviation sector makes it a strong partner for EasyJet.”

Kenton Jarvis, EasyJet CEO · BBC · Aug 8

“the figure was still woefully short of the company's pre-pandemic highs”

Danni Hewson, AJ Bell head of financial analysis · BBC · Aug 8

“Air travel might not be as sexy as space travel, but retail investors understand it and names like EasyJet can't easily be replaced.”

Danni Hewson, AJ Bell head of financial analysis · BBC · Aug 8