Apollo agrees to take easyJet private in £5.7 billion deal

Overview

Updated Aug 7

easyJet has flown as a London-listed public company since 2000. On August 7, its board unanimously backed a £5.7 billion buyout by US private equity firm Apollo Global Management, a deal that would take the budget airline private and off the London Stock Exchange.

Apollo will pay £7.15 a share, about 81% above easyJet's price before bid interest surfaced. To satisfy rules that keep European airlines under majority-European control, Apollo's stake caps at 49.9%, with selling shareholders including founder Stelios Haji-Ioannou able to roll into a matching holding.

Why it matters

One of Europe's largest low-cost carriers, flying 300-plus jets on 1,200 routes, would pass from public shareholders to American private-equity control.

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Key Indicators

$7.7B

Deal value

Apollo's offer values easyJet's issued and to-be-issued shares at roughly £5.7 billion.

81%

Premium to unaffected price

The £7.15 offer sits far above the £3.94 close before bid interest emerged.

49.9%

Apollo ownership cap

Capped to keep easyJet majority-owned by European nationals under airline licensing rules.

15.31%

Founder family holding pledged

The Haji-Ioannou family gave an irrevocable undertaking to back the deal.

300+

Aircraft in fleet

easyJet flies more than 300 planes on about 1,200 routes across 35 countries.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Stelios Haji-Ioannou

easyJet founder and largest shareholder

Backing the Apollo deal, retaining a stake

Kenton Jarvis

Chief executive, easyJet

Leading the airline through the takeover

Marc Rowan

Co-founder and chief executive, Apollo Global Management

Driving Apollo's push into aviation

Organizations Involved

Apollo Global Management

Alternative asset management firm

Buyer, offering £5.7 billion

A US alternative asset manager buying easyJet through an Apollo-owned entity called Eagle Bidco.

easyJet

Low-cost airline

Takeover target

A British budget airline flying more than 300 aircraft on about 1,200 routes across 35 countries.

Castlelake

Investment firm

Withdrew from bidding on August 6

A US investment firm that pursued easyJet before Apollo topped its offer.

Timeline

June 2026 August 2026

6 events Latest: August 7th, 2026 · 3 months ago

Tap a bar to jump to that date

August 2026
easyJet board recommends Apollo's £5.7 billion offer
Latest Deal

The board unanimously backed Apollo's firm £7.15-a-share offer via Eagle Bidco. The deal is expected to close by the first quarter of 2027.
August 7th, 2026
Castlelake walks away
Deal

Castlelake announced it would no longer pursue easyJet, leaving Apollo as the sole bidder.
August 6th, 2026
July 2026
easyJet switches to Apollo terms
Deal

The board reached an agreement in principle with Apollo and dropped its plan to recommend Castlelake.
July 10th, 2026
Apollo enters with a higher bid
Deal

Apollo submitted a £7.15-a-share cash proposal, topping Castlelake's price.
July 8th, 2026
Board leans toward Castlelake at £6.90
Deal

easyJet said it was minded to recommend Castlelake's improved £6.90-a-share proposal, valuing the airline near £5.5 billion.
July 5th, 2026
June 2026
easyJet rejects Castlelake's fourth proposal
Deal

The board turned down a £6.50-a-share offer from Castlelake but extended the deadline for a firm bid.
June 25th, 2026

Scenarios

Apollo completes the buyout and easyJet delists

Likely Resolves by Q1 2027

Discussed by: easyJet and Apollo joint statements; Reuters; CNBC

Shareholders approve the £7.15 offer, regulators clear it, and the High Court sanctions the scheme. easyJet leaves the London Stock Exchange and becomes a private company under Apollo's structure. The 81% premium and Castlelake's exit remove obvious obstacles to a shareholder yes.

Regulators or ownership rules delay the deal past the target date

Possible Resolves by Q1 2027

Discussed by: Skift; Disruption Banking; coverage of the EU airline ownership review

The European Union's review of airline ownership and control rules, or a competition regulator, slows the process. The 49.9% cap and EU trust structure draw scrutiny over who really controls the carrier. Completion slips beyond the first quarter of 2027 even if the deal is not blocked outright.

A new bidder tops Apollo before the vote

Unlikely Resolves by End of 2026

Discussed by: Aviation Week; Bloomberg deal coverage

Another airline group or investment firm returns with a higher offer, reopening the contest that Castlelake just left. Apollo would need to raise its price or walk. Given the size of the premium already on the table, a fresh bid looks like a long shot.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

July 2022 - 2023

Apollo's Air France-KLM financing (2022-2023)

Apollo poured billions of euros into Air France-KLM through structured deals, buying into engine assets and a loyalty-linked entity rather than taking equity control. The financing helped the group repair its balance sheet after the pandemic.

Then

Air France-KLM cut debt and Apollo booked steady returns on aviation assets.

Now

Apollo built a template for putting large capital into European airlines without breaching ownership limits.

Why this matters now

The easyJet bid extends that playbook, this time seeking operational control through a capped 49.9% stake.

2020 onward

IAG ownership limits after Brexit (2020-present)

British Airways parent IAG had to prove it stayed majority-owned and controlled by European nationals after the UK left the EU. Qatar Airways held a large minority stake but was kept below control thresholds through ownership structures.

Then

IAG kept its flying rights by capping non-EU voting influence.

Now

The case showed how airlines engineer share structures to satisfy nationality rules.

Why this matters now

Apollo's 49.9% cap and EU trust mirror the same legal problem: an outside owner buying a European carrier without triggering a loss of licences.

2010 - 2016

Stelios versus the easyJet board (2010-2016)

Founder Stelios Haji-Ioannou repeatedly fought easyJet's board over aircraft orders and dividends, using his large shareholding to press for payouts and threaten resolutions. The disputes were public and bitter.

Then

easyJet started paying dividends and slowed some fleet growth.

Now

The founder kept leverage as the biggest shareholder while stepping back from management.

Why this matters now

The same founder now backs a sale and plans to keep a stake, aligning with a buyer instead of fighting the board.