easyJet is entering a crucial week. Apollo Global Management and Castlelake now have the same deadline, Friday, August 7, 2026, at 5 p.m., to announce a firm offer for the British airline or withdraw. Apollo currently holds the advantage with a proposal of £7.15 per share, higher than Castlelake's.
The timetable was officially amended on August 3rd. Castlelake was initially scheduled to make a decision this Monday, while Apollo already had until Friday, August 7th. easyJet ultimately succeeded in aligning the two deadlines.
The company also stated that it had provided access to certain information necessary for the preliminary checks of the two candidates. However, no firm offer has yet been submitted at this stage.
Summary
easyJet is giving the two contenders until August 7th
The rule is now the same for Apollo and Castlelake. Before 5 p.m. London time on August 7, each must either announce their firm intention to submit a bid or declare that they are withdrawing.
This deadline falls under the UK framework applicable to public takeovers. It can still be extended with the agreement of the Takeover Panel, but no further extension is guaranteed.
According to the specialized press, the convergence of the two dates places the easyJet case in its most advanced phase since Castlelake's entry into the capital and the start of discussions in the spring.
Apollo is offering 7.15 pounds per share
Apollo took the lead on July 10th by offering £7.15 in cash for each easyJet share. The deal values the company's diluted share capital at approximately £5.7 billion.
The easyJet board of directors indicated that it was prepared to recommend this proposal to shareholders if Apollo submits a firm offer on the announced terms.
Apollo also plans a possibility allowing certain shareholders to retain a stake in the structure that would control easyJet after its eventual delisting from the London Stock Exchange.
The American group indicated its support for the company's current strategy, including fleet renewal, the development of ancillary revenue streams, customer loyalty, and the growth of easyJet Holidays. These elements constitute Apollo's stated intentions and do not yet represent definitive commitments.
Castlelake can still raise the stakes
Before Apollo's arrival, Castlelake was the frontrunner. On July 5, easyJet had in principle accepted a proposal of £6.90 per share, valuing the company at approximately £5.5 billion.
This proposal came after several previous approaches were rejected by the board. In particular, easyJet had refused an offer of £6.50 per share in June, considering that it still undervalued the company.
The arrival of Apollo at £7.15 changed the situation. The easyJet board withdrew its support for Castlelake's proposal in favor of Apollo's.
Castlelake has not given up, however. The band indicated as recently as July 10th that it was still examining its options. The extension until August 7th therefore gives it the possibility of returning with new conditions.
The European issue remains a key point
Any potential acquisition of easyJet by an American investor must take into account the European rules applicable to air carriers.
To retain the rights attached to a European company, the regulations require, in particular, that it be more than 50% owned and effectively controlled by nationals of the European Union or of countries assimilated within the applicable framework.
Castlelake presented a structure in which 51% of the acquisition vehicle would be held by two European investors, Peter Bellew and Mark Breen. Reuters reported in July that the European Commission was simultaneously working on the interpretation of airline ownership and control rules.
This regulatory consideration does not mean that current offers are blocked. However, it is a factor to monitor until the final structure of a potential acquisition has been approved.
Apollo already has a strong presence in travel and aviation
Apollo's interest in easyJet is part of a series of operations carried out in the transport and tourism sectors.
In 2024, funds managed by Apollo completed the acquisition of The Travel Corporation, owner of brands such as Trafalgar, Uniworld Boutique River Cruises, Contiki and Insight Vacations.
In November 2025, Apollo also finalized a $745 million financing deal with Virgin Atlantic, secured by a portfolio of takeoff and landing slots at London Heathrow.
The group had also secured €500 million in financing in 2023 related to Air France's maintenance activities. Apollo also held stakes or investments in several companies in the aviation sector, including Aeromexico.
Nothing changes yet for easyJet customers
For travel agencies, tour operators, and travelers, no immediate operational consequences are expected. Flight schedules, bookings, commercial terms, and easyJet holidays activities continue as normal.
It would also be premature to anticipate route closures, fleet changes, or a new distribution policy. Neither investor currently controls easyJet, and any firm offer would still need to go through several stages before a change of ownership could be finalized.
The first concrete meeting is therefore scheduled for Friday, August 7, 2026, at 5 p.m.On that date, Apollo and Castlelake will have to reveal their positions. For easyJet, the immediate question is simple: will Apollo turn its £5.7 billion offer into a firm proposal, and will Castlelake attempt a final bid?
Sources
- https://www.reuters.com
- https://www.reuters.com/business/apollo-trumps-castlelake-with-765-billion-easyjet-bid-2026-07-10/
- https://corporate.easyjet.com/investors/Possible-offer-from-Apollo/2026/default.aspx
- https://travelweekly.co.uk/news/deadline-looms-this-week-for-rival-easyjet-takeover-bids
- https://ir.apollo.com/news-events/press-releases/detail/503/apollo-funds-to-acquire-the-travel-corporation
- https://www.apollo.com/wealth/insights-news/pressreleases/2025/11/apollo-and-virgin-atlantic-complete-745m-asset-backed-financing-solution
- https://www.airfranceklm.com/en/newsroom/air-france-klm-and-apollo-global-management-sign-definitive-agreement-eu500-million-quasi
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