Apollo to acquire easyJet for £5.7bn after Castlelake exit

Apollo Global Management has agreed to acquire European budget airline easyJet in a deal valued at 5.7 billion pounds, the companies announced on Thursday, August 6, 2026. The agreement ends a months-long takeover battle after rival suitor Castlelake withdrew from the process.

The U.S. private equity firm's cash offer of 7.15 pounds per share, which represents an 81% premium to easyJet's closing price on May 28, secured the unanimous recommendation of the airline's board. Castlelake, which had made a series of unsolicited bids culminating in a preliminary 5.5 billion pound offer accepted in early July, announced it would not submit a final bid, clearing the path for Apollo.

Under the agreement, easyJet founder Stelios Haji-Ioannou and his family, who own approximately 15% of the business, intend to remain significant long-term shareholders in the private company that will emerge following the acquisition. Haji-Ioannou stated his support for Apollo's strategic intentions, which he said aim to create new growth prospects. The deal is expected to be completed by the end of March 2027.

A key condition of the takeover involves compliance with European Union airline ownership rules,...