Apollo makes £5.7bn takeover offer for easyJet, topping Castlelake bid

US private equity firm Apollo has agreed to buy airline easyJet in a £5.7bn deal, surpassing a rival bid from Castlelake. EasyJet reached an agreement in principle for an offer of £7.15 per share, and its board is inclined to recommend the deal to shareholders. The proposed cash offer is higher than Castlelake’s latest proposal of £6.90 per share, submitted on 4 July 2026. Apollo’s offer represents a 22% premium against easyJet’s closing share price the previous day and an 81% premium compared with its price the day before the Castlelake offer period began. Apollo said it would take “all necessary steps” to satisfy EU local ownership rules, which require European airlines to be majority owned by a European entity. Castlelake had planned to address this by bringing two Irish airline executives on board. Apollo has until 7 August to decide whether to make a formal bid, and rival bidder Castlelake could still return with improved terms. US private equity firm Apollo has agreed to buy airline easyJet in a £5.7bn deal, surpassing a rival bid from Castlelake. EasyJet reached an agreement in principle for an offer of £7.15 per share, and its board is inclined to recommend the deal to shareholders. The proposed cash offer is higher than Castlelake’s latest proposal of £6.90 per share, submitted on 4 July 2026. Apollo’s offer represents a 22% premium against easyJet’s closing share price the previous day and an 81% premium compared with its price the day before the Castlelake offer period began. Apollo said it would take “all necessary steps” to satisfy EU local ownership rules, which require European airlines to be majority owned by a European entity. Castlelake had planned to address this by bringing two Irish airline executives on board. Apollo has until 7 August to decide whether to make a formal bid, and rival bidder Castlelake could still return with improved terms.

What’s reported

Key figures

Sources: The Guardian