easyJet agrees in principle to £5.7bn Apollo takeover

In a surprise corporate development, the British budget airline easyJet has agreed in principle to a £5.7 billion takeover by the U.S. private equity firm Apollo Global Management, trumping a rival bid from another American investor. The announcement on Friday, July 10, 2026, marks a significant shift in a takeover battle for one of Europe's largest low-cost carriers.

Under the new proposal, easyJet shareholders would receive £7.15 per share in cash, a figure the airline's board said it is inclined to recommend. This offer surpasses a £6.90 per share proposal from the U.S. private credit group Castlelake, which easyJet had agreed to in principle just days earlier, on Sunday, July 5. The Apollo bid represents an 81% premium to easyJet's share price before Castlelake's initial offer period began.

The airline stated that Apollo's proposal delivers a superior outcome for shareholders. In early trading following the announcement, easyJet's share price rose by approximately 13%. Apollo has stated it believes easyJet has significant long-term growth potential and supports its existing strategy, including upgrading its fleet to newer, more efficient aircraft. The private equity firm...