According to AeroTime, Apollo Global Management has officially agreed to a recommended cash acquisition of easyJet, valuing the low-cost carrier at approximately £5.7 billion ($7.6 billion). This transaction, if completed, will remove the airline from the London Stock Exchange, concluding more than 25 years of public trading for the company.
The acquisition terms dictate that shareholders will receive £7.15 per share in cash via Eagle Bidco Ltd, a firm indirectly owned by Apollo-managed funds. This price matches the initial offer made by Apollo on July 10, 2026. The offer represents an 81% premium over the £3.94 unaffected closing price and a 54% premium compared to the £4.64 price recorded on February 27, 2026, the final business day before the onset of the current Middle East conflict.
| Item | Value |
|---|---|
| Total Valuation | £5.7 billion ($7.6 billion) |
| Cash Offer per Share | £7.15 |
| Unaffected Price | £3.94 |
| Feb 27, 2026 Price | £4.64 |
| Stake of Haji-Ioannou Party | 15.31% (116,061,871 shares) |
Castlelake, which had engaged in a series of proposals since late May 2026, has formally exited the bidding process. Following the August 6, 2026, announcement, Castlelake is now subject to Rule 2.8 restrictions under the UK Takeover Code, preventing it from launching a new bid for six months without board consent. The agreement has secured irrevocable undertakings for 15.31% of issued share capital from the Haji-Ioannou Family Concert Party, alongside support from easyJet board members who hold 0.06% of the company’s capital.
The deal will proceed via a scheme of arrangement under Part 26 of the Companies Act 2006. While the primary offer is cash-based, shareholders may opt for unlisted rollover shares in Topco, an indirect parent of Bidco, capped at 49.9% of total issued share capital.
Why It Matters
The transition of a major legacy low-cost carrier from public to private equity ownership signals a potential shift in how European aviation assets are managed amid geopolitical volatility. By removing the scrutiny of quarterly public earnings, Apollo may focus on long-term structural changes to easyJet’s operational model. This move underscores a trend of private equity firms securing established aviation infrastructure, potentially signaling a move toward consolidated regional market dominance and heightened focus on asset efficiency over public investor growth expectations.
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