Key facts
- EasyJet's board has accepted a £5.7 billion proposal from Apollo Global Management.
- This decision means EasyJet is withdrawing support for Castlelake's £5.5 billion bid.
- The airline's founder, Stelios Haji-Ioannou, launched the company in 1995.
- EasyJet has a history of acquisitions, including Go Fly and GB Airways.
- The company rejected a takeover approach from Wizz Air in 2021.
EasyJet's board has accepted a £5.7 billion proposal from U.S. investment firm Apollo Global Management, a move that potentially triggers a takeover battle for the British budget airline. This decision marks a significant shift, as EasyJet withdraws its previous support for a £5.5 billion deal with Castlelake.
The airline, founded by Stelios Haji-Ioannou in 1995, has a 31-year history marked by expansion and strategic maneuvers. It listed on the London Stock Exchange in 2000 and subsequently acquired rivals Go Fly in 2002 and GB Airways in 2007. The company has navigated internal disputes over growth strategies, economic downturns, and significant challenges like the COVID-19 pandemic, which led to job cuts and fleet reductions. In 2021, EasyJet rejected a takeover approach from Wizz Air and raised capital from existing shareholders.
Recent developments show Castlelake, an aviation investor, began considering an offer in May 2026. EasyJet initially deemed Castlelake's timing "highly opportunistic" due to its temporarily depressed share price. Castlelake submitted several private bids, increasing its offer from £5.60 to £6.50 per share, all of which EasyJet's board rejected. On June 22, 2026, Castlelake took its £6.25 per share offer public. After further negotiations, EasyJet and Castlelake announced a deal in principle on July 5, 2026, at £6.90 per share, valuing the airline at £5.5 billion on a fully diluted basis. However, this agreement was superseded by the Apollo Global Management proposal on July 10, 2026.