EasyJet has agreed to a £5.7bn takeover by US investment firm Apollo, ending a bidding standoff that began when rival Castlelake pulled its offer. Apollo said it will not cut any jobs in the first 12 months after the deal is completed, suggesting passengers can expect little change to service levels.
EasyJet, founded in 1995 by Sir Stelios Haji‑Ioannou, operates over 1,200 routes across 35 European countries and employs more than 19,000 people. The airline’s founder said he supports Apollo’s plans to “create more growth” and will remain a major shareholder for the next chapter.
Initially, Castlelake made a series of bids that were rebuffed by EasyJet; the U.K. firm had offered a lower price. In early July, the two sides said they had reached a preliminary agreement, but Apollo subsequently outbid the rival with a higher offer, offering £7.15 per share to EasyJet shareholders.
Although the deal can proceed if it wins regulatory approval, EU rules mean the new owners will have to be majority EU‑based. Apollo plans to make the Haji‑Ioannou family and existing EU shareholders hold about half of the business.
Should the takeover lead to delisting from the stock exchange, a small number of jobs linked to its public‑listed operations may be lost, but Apollo stresses this will be limited and specific to certain areas.
Market analysts note that the takeover comes shy of EasyJet’s pre‑pandemic peak but represents a strategic partnership that could accelerate the airline’s operational and commercial ambitions.
