Phoenix 24
The airline’s board shifts support as a takeover battle intensifies.
LONDON, UNITED KINGDOM — July 2026. Apollo Global Management has presented a £5.7 billion proposal to acquire easyJet, surpassing a rival offer from Castlelake. The American investment group is offering £7.15 per share in cash, compared with Castlelake’s £6.90 proposal. EasyJet’s board has withdrawn its previous support for Castlelake and indicated that it is prepared to recommend Apollo’s terms.
The reversal came only days after easyJet reached an agreement in principle with Castlelake on a transaction valued at approximately £5.5 billion. Apollo’s bid is around 3.6 percent higher and includes an alternative allowing eligible shareholders to retain an indirect investment in the airline. The proposals remain preliminary and have not yet become binding takeover offers.
Apollo says it supports easyJet’s existing management, fleet-renewal program and expansion of its holidays business. It also intends to preserve the airline’s brand-licensing agreement with easyGroup, controlled by founder Stelios Haji-Ioannou. His family remains one of easyJet’s largest shareholders, with a stake exceeding 15 percent.
Any acquisition would require compliance with European aviation rules limiting foreign ownership and control of airlines operating within the region. Apollo has stated that it is developing a structure designed to satisfy those requirements. Regulatory approval could become one of the most complex elements of the potential transaction.
Apollo has until August 7 to submit a firm offer or withdraw, while Castlelake faces an August 3 deadline. Castlelake is reviewing its position and could improve its proposal, opening the possibility of a prolonged bidding contest. EasyJet’s shares rose sharply after Apollo’s approach became public.
Apollo has taken the lead—but the battle for easyJet is not over.