easyJet has accepted a firm GBP 5.7 billion takeover offer from Apollo Global Management, ending the contest for the British low-cost airline after Castlelake withdrew. The board-backed terms value each share at GBP 7.15 and replace the earlier recommendation for a sale to Castlelake with a definitive agreement in favour of Apollo.
Castlelake’s decision not to enter a bidding war removed the final competing route one day before the deadline for both suitors to submit their best terms. easyJet shares had fallen 10% when that exit became known, then recovered to trade 3% above their opening level after Apollo’s offer became the agreed transaction.
The ownership design is shaped by European aviation rules rather than by price alone. Apollo will be limited to 49.9% of the airline, while an EU trust group may hold up to 5%. The structure is intended to preserve the European ownership and control conditions required for easyJet to operate its network and traffic rights.
Founder Stelios Haji-Ioannou and his family will retain their shareholding in the private company. Other investors may sell their shares or transfer them into the new structure, within the 49.9% ceiling. That rollover option means the transaction is not simply a full cash-out of every existing shareholder at closing.
Apollo has committed to keep easyJet’s UK and EU headquarters and has signalled support for the airline’s existing strategy. The buyer is therefore presenting the acquisition as a change in capital ownership rather than a plan to relocate the company or immediately replace its operating direction.
For easyJet, accepting the firm offer converts a month of competing approaches into a defined price and counterparty. The board said the proposal delivers immediate and certain value compared with the airline’s standalone prospects, while management described Apollo’s aviation experience and financial backing as support for accelerating current growth plans.
The agreement does not mean ownership has already transferred. Completion is expected by the end of March 2027, leaving a period for shareholder decisions, regulatory steps and implementation of the EU-compliant holding structure. Until those conditions are met, easyJet remains a listed airline operating under its current ownership.
The next tests are the formal approvals, the level of shareholder cash acceptance versus rollover and the operation of the 49.9% foreign ownership cap. Those details will determine Apollo’s final economic exposure, the size of the continuing minority and whether the timetable to take easyJet private remains intact.
