Apollo's £5.7 Billion Bid for easyJet Surpasses Castlelake
Miles Bennett
Apollo Global has secured in-principle backing from easyJet's board with an all-cash offer of £7.15 per share — £5.7 billion in total — leapfrogging Castlelake's £5.5 billion deal and pushing Britain's largest budget carrier into a competitive auction.
What just happened in this bidding war?
Apollo's offer: £7.15 per share, roughly £5.7 billion (US$7.65 billion), all cash.
Castlelake had already reached an in-principle agreement at £6.90 per share / £5.5 billion, with a formal-offer deadline of August 3.
Apollo's move broke the settled timeline and turned what looked like a done deal into an open auction.
Why did the board shift to Apollo?
easyJet's statement said Apollo's proposal "provides a superior outcome for shareholders" and that the board "no longer intends to recommend the Castlelake offer."
This means → Apollo's financial terms have cleared the board's recommendation threshold; Castlelake now faces a real risk of being shut out unless it raises its price.
The gap is £0.25 per share, about £200 million in total — not enormous, but enough to flip the board's stance.
Who are the two bidders?
Castlelake is a U.S. private-credit firm — it specialises in lending and asset purchases outside public markets. Mid-sized and sector-focused.
Apollo Global is one of the world's largest alternative-asset managers — covering equity, credit, and real estate. Bigger balance sheet, stronger bidding capacity.
In plain terms = a mid-tier buyer had just shaken hands on a price, and a larger rival walked in with a higher number.
Where does the deal stand now?
Apollo's bid remains at the in-principle agreement stage; no formal offer has been made.
Castlelake's formal-offer deadline is August 3, so it still has room to counter-bid.
easyJet listed in London in 2000. If either deal closes, the airline will delist and go private — and both bidders are American investment firms, raising questions about the ownership of a major British aviation asset.
Content is for reference only, not financial advice.