Apollo to acquire EasyJet in £5.7 billion deal after rival withdraws

EasyJet confirmed a £5.7 billion acquisition by US private-equity group Apollo after rival Castlelake pulled out of the bidding war. Apollo’s offer of £7.15 per share outmatched Castlelake’s final £6.90 per share bid, prompting EasyJet’s board to accept. Apollo’s European private-equity lead, Alex van Hoek, said the firm will support the airline’s existing strategy and help speed up its operational and commercial ambitions.

CEO Kenton Jarvis expressed confidence that Apollo’s sector expertise makes it a strong partner for the carrier. Founded in 1995 by Sir Stelios Haji-Ioannou, EasyJet now employs more than 19,000 people and serves roughly 1,200 routes in 35 European countries.