US investment fund Apollo Global Management has agreed to acquire UK budget airline easyJet for approximately £5.7 billion, or $7.7 billion. The purchase price represents a premium of about 81% over the closing price on May 28, the last trading day before a rival bid from Castlelake surfaced. The easyJet board unanimously recommended the all-cash offer, and founder Stelios Haji-Ioannou, together with his family, has expressed support. Castlelake had made five previous bids but withdrew from the takeover battle after Apollo entered the fray in July. Apollo plans to take easyJet private after the acquisition and accelerate the expansion of its holiday business. To retain EU operating rights, the Haji-Ioannou family and others are expected to hold between 45.1% and 49.9% of the ordinary shares in the acquisition vehicle, with Apollo's funds capped at a 49.9% stake.
EasyJet PLCeasyJet receives a premium all-cash offer, recommended by the board.
Apollo Global Management LLC Class AApollo acquires easyJet, expanding its portfolio and holiday business.
