Apollo Global Management buys EasyJet for $7.7 billion
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Apollo Global Management has agreed to acquire EasyJet for 5.7 billion pounds ($7.7 billion). The U.S. private equity firm will pay 715 pence per share in cash. The acquisition comes after months of bidding, with rival suitor Castlelake LP withdrawing from the process.
The Deal Terms
Apollo Global Management will pay 715 pence per EasyJet share, valuing the company at 5.7 billion pounds. The all-cash offer represents a premium to the airline's recent trading price. The transaction is one of the largest private equity buyouts in the European airline sector. EasyJet operates over 300 aircraft and serves more than 130 airports across Europe.
The Auction
Apollo outbid rival Castlelake LP in a months-long process. Castlelake, a U.S.-based alternative investment firm, withdrew from the bidding, clearing the path for Apollo. The auction attracted significant interest amid a wave of consolidation in the low-cost carrier market.
Industry Reshaping
The acquisition is expected to reshape competition among Europe's budget airlines. EasyJet, founded in 1995, is a major player in short-haul travel. The deal gives Apollo a foothold in a sector that has seen strong post-pandemic recovery. Analysts say the buyout could spur further mergers and operational restructuring.
What's Next
Apollo is expected to complete the acquisition by the end of the year pending regulatory approvals. It remains unclear how the new ownership will affect EasyJet's operational strategy and route network.
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Apollo Global Management buys EasyJet for $7.7 billion
