Phoenix 24
A European aviation icon is changing ownership.
Luton, August 2026
British low-cost airline easyJet has formally accepted a takeover offer worth £5.7 billion, equivalent to approximately €6.6 billion, from US private equity firm Apollo Global Management. The agreement follows a competitive acquisition process that attracted interest from another American investment group, Castlelake. EasyJet’s board recommended Apollo’s cash proposal after evaluating it against the airline’s prospects as an independent company. The transaction remains subject to shareholder approval, regulatory authorization and the satisfaction of other customary conditions.
Apollo has offered £7.15, or approximately €8.35, in cash for each easyJet share. The price values the company at around $7.7 billion and provides shareholders with an immediate payment if they choose to sell their holdings. EasyJet’s board said the proposal reflects the quality of the airline, its European network and the long-term value created by its employees and management. Completion is expected by the end of the first quarter of 2027.
The formal agreement came after Castlelake withdrew from the bidding process and decided not to enter a further contest with Apollo. EasyJet had previously considered competing proposals as both groups sought control of one of Europe’s largest low-cost airlines. Castlelake’s departure cleared the principal obstacle to Apollo’s offer and reduced the possibility of another immediate price increase. EasyJet shares initially fell following news of the withdrawal but later recovered and traded approximately 3 percent higher.
The ownership structure has been designed to comply with British and European aviation rules limiting control by investors from outside the region. Apollo’s direct holding will be capped at 49.9 percent, preventing the US firm from acquiring an unrestricted majority position. A separate European Union trust is expected to hold up to 5 percent of the company. Founder Stelios Haji-Ioannou and members of his family will retain an equity interest in the new holding company rather than selling their entire participation.
These arrangements are essential because airlines must satisfy nationality and control requirements to preserve their operating licenses and access to European aviation markets. EasyJet operates through an interconnected structure serving the United Kingdom, the European Union and Switzerland. Any transfer of ownership must therefore demonstrate that effective control remains compatible with the regulations governing each jurisdiction. Aviation authorities are expected to examine the composition of the new holding company before granting final approval.
Apollo has committed to maintaining easyJet’s headquarters in the United Kingdom and its existing European corporate presence. The private equity firm has also indicated that it supports the airline’s current business strategy and intends to provide resources for long-term growth. Its plans are expected to focus on strengthening the carrier’s network, improving revenue generation and expanding services without abandoning easyJet’s low-cost identity. Apollo has previous experience investing in aviation and other transportation businesses.
EasyJet was founded in 1995 by British-Cypriot entrepreneur Stelios Haji-Ioannou as a no-frills airline offering affordable travel across Europe. Its first services connected London Luton with Glasgow and Edinburgh, followed by international routes to Amsterdam, Nice and Barcelona in 1996. The company expanded rapidly as deregulation and rising demand transformed the European aviation market. It now operates more than 300 aircraft and serves hundreds of routes across major cities, holiday destinations and regional airports.
The carrier’s scale, airport slots and extensive Airbus order book made it an attractive acquisition target. EasyJet also owns a growing holiday business that combines flights with hotel packages and other travel services. These assets provide Apollo with multiple sources of revenue beyond basic ticket sales. The company’s recognizable brand and strong presence at airports including London Gatwick, Luton, Geneva, Milan Malpensa and Berlin further reinforce its strategic value.
The takeover comes as European airlines confront volatile fuel prices, geopolitical disruption and intense competition. Conflicts in the Middle East have increased jet fuel costs and forced some carriers to modify routes, while consumers remain sensitive to fare increases. Low-cost airlines must balance affordable tickets with expenses related to aircraft, labor, airport fees, maintenance and environmental requirements. Private ownership could allow easyJet to implement long-term investments with less exposure to short-term pressure from public markets.
Apollo’s acquisition will also place considerable attention on the future treatment of employees, passengers and regional routes. EasyJet’s chief executive, Kenton Jarvis, welcomed the investor’s commitment to the airline’s workforce and described Apollo as an experienced partner capable of supporting its development. The company has not announced immediate changes to its schedule, fleet or customer policies as a direct consequence of the agreement. Operations are expected to continue normally while the transaction moves through the approval process.
For passengers, the takeover does not mean that easyJet will immediately disappear from stock exchanges or change its business model. The transition will unfold over several months as shareholders, competition authorities and aviation regulators review the terms. Until the transaction is completed, easyJet will continue operating as a publicly listed airline under its existing leadership. Apollo’s influence will become decisive only after the legal transfer of ownership is finalized.
The agreement marks a major turning point for a company that helped redefine affordable air travel in Europe. EasyJet grew from two domestic routes into a continental airline carrying millions of passengers and challenging established national carriers. Three decades after its first flight, the company is preparing to enter a new era under a private investment structure. The outcome will test whether Apollo can preserve the airline’s low-cost identity while improving its competitiveness and financial performance.
Hechos que no se doblan. / Facts that do not bend.