EasyJet has entered into a definitive agreement to be acquired by the US-based investment firm Apollo in a transaction valued at £5.7 billion. The deal follows a period of competitive bidding, which concluded after the investment firm Castlelake—which had previously made several offers for the airline—withdrew its interest.
Under the terms of the agreement, EasyJet shareholders are set to receive £7.15 per share. Apollo has expressed support for the airline's current strategic direction, with partner Alex van Hoek describing the carrier as a leader in European aviation with a strong brand and network. EasyJet CEO Kenton Jarvis stated that the company welcomes Apollo's commitment and views the firm as a strong partner due to its experience in the aviation sector.
Regarding the workforce, Apollo has indicated it does not plan to implement job cuts within the first 12 months following the completion of the acquisition. However, the firm noted that if EasyJet transitions to a private company and delists from the stock exchange, a limited number of roles associated with maintaining public-listed operations could be impacted.
The acquisition remains subject to regulatory approval. To comply with EU regulations requiring majority EU-based ownership, Apollo plans to structure the deal so that the Haji-Ioannou family and other EU-based shareholders retain approximately half of the business. Sir Stelios Haji-Ioannou, who founded the airline in 1995, has expressed support for the takeover, noting that he and his family intend to remain long-term shareholders.
Source: BBC News
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