Aug. 7 at 2:21 AM
Apollo Global Management agreed to acquire easyJet in a
$7.7 billion all-cash deal, ending a months-long bidding war after rival Castlelake withdrew its final offer. Apollo will pay 715 pence per share, backing easyJet's current management strategy and long-term growth plans.
The acquisition gives Apollo control of one of Europe's leading low-cost airlines, with valuable assets including a modern Airbus A320 fleet, premium airport slots at capacity-constrained hubs such as London, Milan and Geneva, and a growing holiday package business. Shares of easyJet rose as much as 4.1%, though they continued to trade below the offer price, reflecting investor concerns over potential regulatory hurdles.
Because Apollo is a U.S.-based firm, the transaction has been structured to comply with U.K. and EU airline ownership rules, which require majority ownership and effective control to remain with European investors.
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