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EasyJet agrees £5.7bn takeover after rival Castlelake drops bid

EasyJet will be bought at £7.15 per share from Apollo, following Castlelake's withdrawal from the auction for the airline.

Reported · Written up by our desk · M&A & Deals

EasyJet has agreed to a £5.7bn takeover by US private equity firm Apollo Global Management, after a rival bidder withdrew from the process, according to BBC Business and the Guardian Business.

EasyJet accepted Apollo's firm offer of £7.15 per share, which tops Castlelake's final offer of £6.90 per share, the outlets reported.

The future ownership of EasyJet had been uncertain since late May, when it emerged that Castlelake was considering a bid. Apollo later moved in with the higher price after the earlier back-and-forth left the process unresolved.

Apollo said it was highly supportive of EasyJet's existing strategy and pointed to an opportunity to accelerate the airline group's operational and commercial ambitions, BBC Business reported. EasyJet has said the takeover follows Castlelake's decision not to continue its own attempted acquisition, the Guardian Business noted.

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