EasyJet eyes 'next chapter' in £5.7 billion Apollo deal

EasyJet is set to be bought by private equity firm Apollo in a £5.7 billion deal.

The agreement comes after rival Castlelake walked away from a bidding war for the budget airline.

Castlelake had made a £5.5 billion offer, which was surpassed by Apollo last month.

Ahead of a Friday deadline, Castlelake has confirmed it doesn’t intend to make a formal offer, allowing Apollo to progress with its deal.

The move will see the US firm, which also owns Wagamama-owner The Restaurant Group, pay shareholders 715p per share for the business.

The deal, which will require approval at a shareholder vote, is expected to complete in the first quarter of 2027.

EasyJet was founded by Sir Stelios Haji-Ioannou in 1995 to offer a low-cost alternative to British Airways, and it has since expanded to be one of the largest networks across Europe.

Sir Stelios and his family, who own around 15 per cent of the business, have given the takeover their support.

He said: “My family and I intend to remain invested as long-term major shareholders for the next chapter in the company’s journey.”

Sir Stephen Hester, EasyJet non-executive chair, said: “We believe this offer appropriately recognises the quality of the business we have built and delivers immediate, certain and attractive value for shareholders.”

Alex van Hoek, Apollo partner and European private equity lead, added: “We are proud to be trusted to play a lead role in supporting EasyJet in this next phase of its growth.”

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