EasyJet accepts £5.7 billion takeover by Apollo Global Management
EasyJet, the well-known UK airline, just agreed to a £5.7 billion takeover from US private equity firm Apollo Global Management.
This comes after another bidder, Castlelake, dropped out, so Apollo is now set to take charge.
The airline's founder, Stelios Haji-Ioannou, and his family will still keep their shares.
Apollo £7.15 per share, cap 49.9%
Apollo is paying £7.15 per share and will cap its ownership at 49.9%, letting other shareholders sell or transfer their stakes as they like.
The structure appears designed to comply with the European Union's foreign ownership rules for airlines, with up to 5% of easyJet shares held by an "EU Trust."
The deal should wrap up by March 2027.
Apollo says it'll keep easyJet's UK and EU headquarters running and wants to help the airline grow (news that gave easyJet's shares a nice little bump after the announcement).