Business
Apollo enters bidding war for easyJet with £5.7bn offer, outbidding Castlelake
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Apollo enters bidding war for easyJet with £5.7bn offer, outbidding Castlelake
The easyJet board has said it is prepared to recommend a £5.7bn all-cash offer from Apollo Global Management, abandoning a previous agreement with rival private equity firm Castlelake.
- The easyJet board announced it was "minded to recommend" Apollo's £7.15-per-share proposal, dropping support for Castlelake's £6.90-per-share offer.
- Apollo said it would back easyJet’s existing strategy and management, and would allow founder Stelios Haji-Ioannou to remain invested rather than forcing a sale.
- Castlelake said it was "considering its options" after easyJet switched loyalty; Apollo has until 7 August to make a firm offer, while Castlelake's deadline is 3 August.
- Both bidders face EU rules requiring majority EU ownership; Apollo said it would "take all necessary steps" to meet the regulations.
Topicseuropean-unionAirline IndustryRegulationInvestment FundsAcquisitions MergersPrivate EquityBusiness and Finance
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