Apollo Officially Announces $7.7 Billion Take-Private Deal for easyJet
Alina Collins
Apollo is taking British budget carrier easyJet private for £5.7 billion (roughly $7.7 billion), offering a 54% premium over the pre-conflict closing price — one of the largest private-equity buyouts of a major European airline, and easyJet will delist from the London Stock Exchange.
What are the core deal terms?
easyJet shareholders will receive £7.15 (about $9.63) per share in cash, a roughly 54% premium to the February 27 closing price.
This means → Apollo anchored its price to the last trading day before the Middle East conflict erupted, effectively erasing the geopolitical discount and adding a hefty premium on top.
The deal is expected to close by the end of Q1 next year, at which point easyJet will delist from the London Stock Exchange.
How did the bidding war end?
Rival bidder Castlelake announced earlier the same day that it was dropping its pursuit after "careful consideration."
easyJet shares fell more than 6% on the Castlelake withdrawal, then rebounded roughly 3.1% after Apollo's formal announcement.
In plain terms = the market first panicked — fewer bidders could mean a lower price — then settled once Apollo confirmed its offer stood.
Why is private equity targeting a budget airline?
easyJet, founded over thirty years ago, holds scarce landing slots — fixed rights to take off and land at specific times — at core European airports including London Gatwick, Paris, and Geneva.
Apollo's European private-equity head Alex van Hoek specifically cited easyJet's "differentiated market position."
This reflects a deeper play: private equity is buying not just route profitability but airport slots — an almost irreplicable infrastructure asset.
What comes next?
Whether the deal closes on schedule by end of Q1 next year is the next key checkpoint — regulatory approvals and a shareholder vote are still pending.
The bidding war has already pushed easyJet shares up nearly 50% this week; that liquidity premium vanishes once the stock delists.
This means → for current shareholders the choice is straightforward: take £7.15 per share in cash, or hold out for a higher bid — but the competing bidder has already walked away.
Content is for reference only, not financial advice.