Key facts
- Apollo Global has agreed to acquire EasyJet for approximately £5.70 billion.
- Rival bidder Castlelake has withdrawn its offer for EasyJet.
- EasyJet's board accepted Apollo's bid.
- Castlelake made several unsolicited offers for EasyJet between May and July.
- EasyJet was founded in 1995 and is one of Europe's largest airlines.
Apollo Global has agreed to acquire European budget airline EasyJet in a deal valued at approximately £5.70 billion ($7.7 billion), following the withdrawal of rival suitor Castlelake. The agreement marks the culmination of a takeover process that saw multiple bids and counter-offers. Castlelake, an aviation investor with $38 billion in assets, had made several unsolicited offers for EasyJet between May and July, with the airline's board initially accepting a preliminary offer before Apollo's subsequent bid ultimately prevailed. EasyJet, founded in 1995 by Stelios Haji-Ioannou, has grown to become one of Europe's largest airlines, operating around 1,200 routes across 35 countries and employing over 19,000 people. The company listed in London in 2000 and has since undergone significant expansion, including acquisitions of rival airlines and fleet modernization, though it also faced challenges such as job cuts during the COVID-19 pandemic and recent warnings about profit slides due to geopolitical conflicts impacting air travel.