Apollo Reaches Agreement in Principle on Possible £5.7 Billion Acquisition of easyJet

Apollo Global Management has reached an agreement in principle with the board of easyJet on the key financial terms of a possible cash acquisition valuing the airline at approximately £5.7 billion. Under the proposal, shareholders would receive £7.15 per share, representing a premium to both the airline’s recent trading price and a competing £6.90-per-share proposal from Castlelake.

The proposed transaction would be funded through a combination of committed equity from Apollo-managed funds and debt financing, with Barclays providing a highly confident letter regarding the required debt facilities. The easyJet board said it would be prepared to recommend the offer, subject to final agreement on the remaining terms, regulatory approvals and definitive documentation.

https://corporate.easyjet.com/investors/regulatory-news/news-details/default.aspx?slug=statement-regarding-possible-offer-for-easyjet-plc