Deal Overview
Apollo Global Management LLC (NYSE:APO) announced on 10 July 2026 that it has agreed to acquire easyJet PLC (LON:EZJ) in a cash transaction valuing the British budget airline at £5.7 billion (approximately $7.7 billion). The offer consists of a cash payment of 715 pence per share, which is a premium of about 21.6% over easyJet’s previous closing price of 588.20 pence.
Competitive Bidding Context
The Apollo proposal outbid a rival bid from Castlelake, which had progressively increased its offer through five proposals and was, moments earlier, at 690 pence per share. easyJet’s board had previously indicated willingness to recommend Castlelake’s latest proposal before Apollo’s superior offer emerged.
Share Price Reaction
Following the announcement, easyJet shares surged 13.8% to 704.40 pence in London trading, reaching their highest level since late February 2022. The broader FTSE 100 index recorded a modest 0.3% rise on the same day.
Board Recommendation and Regulatory Conditions
easyJet’s board is minded to recommend Apollo’s proposal to shareholders, subject to agreement on the remaining terms of the transaction. Apollo has committed to structuring the acquisition in a manner that complies with European Union rules that require airlines operating within the bloc to remain majority owned and controlled by EU interests.
Strategic Rationale
The airline has attracted takeover interest due to its valuable airport slots, a modern Airbus fleet, and a growing holidays business, despite lagging rivals such as Ryanair in post‑pandemic recovery. These strategic assets position easyJet as one of the most sought‑after companies in the European aviation sector.