EasyJet agrees to £5.7bn takeover by US firm Apollo
British airline easyJet has agreed to a £5.7 billion takeover by U.S. private equity firm Apollo Global Management. The deal follows the withdrawal of a rival bidder that had also been pursuing the carrier. It still needs approval from shareholders and regulators in the UK and EU.
British low-cost carrier easyJet has agreed to a takeover by U.S. private equity firm Apollo Global Management in a deal worth £5.7 billion, the airline announced. The agreement follows the withdrawal of a rival suitor that had also been weighing a bid for the carrier.
EasyJet has built its business on no-frills, short-haul flights across Europe, competing with rivals such as Ryanair and Wizz Air. The airline's board said the Apollo offer represented fair value for shareholders after a period of uncertainty created by the competing approach.
The deal still requires approval from easyJet shareholders and regulators in the United Kingdom and the European Union. If completed, it would rank among the largest private equity acquisitions of a European airline in recent years, underscoring investor interest in the aviation sector after several volatile years for carriers.
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