The takeover of easyJet is nearing completion. Apollo has reached an agreement with the British airline's board of directors on an offer valuing easyJet at approximately £5.7 billion, or around €6.7 billion. Castlelake has withdrawn from the bidding. The deal remains subject to several steps before its expected completion in early 2027.
The official announcement came on August 6, 2026. Eagle Bidco, a company indirectly owned by funds managed by Apollo, is offering £7.15 in cash for each easyJet share.
The easyJet board unanimously recommends the offer. According to the trade press, Reuters also confirms the withdrawal of Castlelake, which had submitted several proposals before Apollo entered the race.
Summary
Apollo offers £7.15 per share for easyJet takeover
The amount of £5.7 billion corresponds to the valuation of all of easyJet's issued and to be issued capital in the cash offering.
The price of 7.15 pounds represents a premium of approximately 81% over the closing price of 3.94 pounds recorded on May 28, 2026, the last trading day before Castlelake's interest was revealed.
Castlelake had ultimately raised its potential offer to £6.90 per share. The American fund announced on August 6 that it would not submit a firm offer, leaving Apollo as the sole contender.
But to speak of a definitively completed acquisition today would be premature. The agreement must, in particular, be approved through the established shareholder process, obtain the necessary regulatory approvals, and be sanctioned by the British courts. Finalization is currently expected before the end of the first quarter of 2027.
Stelios Haji-Ioannou supports the operation and remains exposed to easyJet
easyJet founder Stelios Haji-Ioannou, along with Clelia and Polys Haji-Ioannou, have made irrevocable commitments in support of the operation.
The family controls approximately 15.31% of easyJet's current share capital. They opted for the alternative of converting their shares into unlisted securities of the future holding company rather than receiving only cash.
Other eligible shareholders will also be able to choose this option. Apollo anticipates that its funds will not hold more than 49.9% of the ordinary share capital of the new structure. A European trust may also hold up to 5%.
European oversight will be one of the key issues
This capital structure is not insignificant. easyJet holds air operator certificates in the United Kingdom, Austria, and Switzerland. Its ability to operate flights within the European Union depends, in particular, on maintaining the regulatory conditions applicable to easyJet Europe.
European Regulation 1008/2008 stipulates that a Community carrier must be more than 50% owned and effectively controlled by Member States of the European Union or their nationals, unless a specific agreement exists with a third country.
The question therefore does not only concern the percentage directly held by Apollo. The authorities will also have to examine the notion of effective control of the company.
Reuters reported as early as July that the European Union was preparing a review of its approach to airline ownership and control rules. The easyJet case is therefore a particularly closely watched test.
easyJet Holidays clearly features in Apollo's plans
For the tourism sector, this is probably one of the most interesting passages in the document published on August 6.
Apollo explicitly cites the development of easyJet Holidays as one of the areas it intends to pursue after the acquisition. The fund also plans to explore further distribution partnerships, as well as interline and code-sharing opportunities with other airlines.
easyJet is therefore no longer viewed solely as an airline. Its package holiday business is now among the assets highlighted in the future owner's development plan.
The document also highlights the company's presence at key airports where slots are limited. These positions are difficult for a new entrant to replicate quickly.
No changes announced for the easyJet brand
Apollo has indicated its intention to retain the easyJet brand after the transaction is finalized. The fund also does not plan, at this stage, to relocate the group's UK headquarters or change the location of its operator certificates in the UK, Austria, and Switzerland.
The company must therefore continue to operate as a separate business within Apollo's portfolio.
For travelers and distributors, no immediate changes to the network, fares, or flight schedule will automatically result from the August 6 announcement. Furthermore, the transaction documents do not indicate whether easyJet will reduce or increase any capacity once privatized.
What tourism professionals really need to watch out for
The first meeting will be a formality. Until the transaction is finalized, easyJet's commercial operations will continue.
Next will come the decisions that directly concern the travel market: capacity per destination, opening or closing of routes, development of easyJet Holidays, distribution agreements and possible partnerships with other carriers.
It is on these elements, much more than on the single amount of 5.7 billion pounds, that the acquisition of easyJet could have concrete consequences for agencies, tour operators, hoteliers and European destinations.
Update of August 7, 2026: Apollo and easyJet have reached an agreement on the terms of a recommended acquisition at £7.15 per share. Castlelake has withdrawn. The transaction is not yet finalized and remains subject to the conditions set out in the transaction documents.
Sources
- https://www.investegate.co.uk/announcement/rns/easyjet–ezj/offer-for-easyjet-plc/9709252
- https://www.reuters.com/business/castlelake-walks-away-easyjet-pursuit-2026-08-06/
- https://www.reuters.com/business/finance/eu-review-airline-ownership-rules-threatening-easyjet-bids-2026-07-22/
- https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=CELEX%3A32008R1008
- https://www.air-journal.fr/2026-08-07-rachat-deasyjet-le-fonds-apollo-soffre-la-deuxieme-low-cost-europeenne-pour-67-milliards-deuros-5276775.html
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