Apollo to Acquire easyJet in £5.7 Billion Deal

Apollo has agreed to acquire easyJet for approximately £5.7 billion through a recommended cash offer of £7.15 per share, representing an 81% premium to the unaffected share price. The acquisition, which will be implemented through a UK scheme of arrangement, is expected to complete by the end of the first quarter of 2027, subject to shareholder, court and regulatory approvals.

Eligible shareholders may elect to receive unlisted rollover shares in Apollo’s acquisition vehicle instead of cash, subject to a maximum ownership cap of 49.9%. The Haji-Ioannou family, easyJet’s largest shareholder with a 15.31% stake, has provided irrevocable undertakings to support the transaction and elect for the unlisted share alternative for substantially all of its holdings.

Sir Stelios Haji-Ioannou said his family decided to support the acquisition after carefully reviewing Apollo’s proposal, adding that Apollo’s commitment to invest in and grow easyJet reflects confidence in both the airline and the strength of the easy brand. He confirmed that the family intends to remain invested as long-term major shareholders through the next phase of the airline’s development.

Apollo said it intends to accelerate easyJet’s long-term strategy by investing in revenue management, ancillary products, network optimization, loyalty, distribution and the continued expansion of easyJet Holidays. The firm also plans to retain easyJet’s headquarters, operating certificates and workforce while supporting management’s existing strategy. easyJet’s board unanimously recommended the offer, citing the significant premium and increased certainty for shareholders amid continued macroeconomic and geopolitical uncertainty.