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Budget airline easyJet announced on Thursday that it had formally accepted a £5.7 billion (€6.6 billion) takeover bid from US private equity firm Apollo Global Management.
ADVEReadNOWISEMENT
ADVEReadNOWISEMENT
The boards “are pleased to announce that they have reached agreement on the terms and conditions of a recommended cash acquisition,” the carrier said in a statement.
The offer price is £7.15 (roughly €8.35) in cash per share in easyJet. The deal is expected to be completed by the end of the first quarter of 2027.
The announcement came after rival bidder Castlelake said it was withdrawing from the race to acquire the company.
EasyJet was founded by British-Cypriot entrepreneur Stelios Haji-Ioannou in 1995 as a no-frills airline offering low-cost fares to destinations across Europe.
Under the terms of the takeover, Haji-Ioannou and his family will retain an equity stake in a new holding company, while Apollo’s shareholding will be capped at up to 49.9% in order to comply with UK and European airline ownership rules. An EU Trust will also hold up to 5%.
EasyJet’s first flights operated between London Luton airport – where it is headquartered – and Glasgow and Edinburgh, with the first international routes – to Amsterdam, Nice, and Barcelona – launching in 1996.
It has gone on to become one of Europe’s biggest airlines, operating a fleet of more than 300 aircraft.