A bidding contest for easyJet is intensifying as the British budget airline backs a higher all-cash approach from Apollo Global. The proposed £5.7 billion offer values the company at £7.15 a share, above Castlelake's latest £6.90-per-share proposal.
Highlights
- easyJet has agreed in principle to Apollo Global's £5.7 billion ($7.65 billion) takeover proposal, valuing shares at £7.15 each.
- Apollo's offer exceeds Castlelake's latest £5.5 billion bid, which valued easyJet shares at £6.90, providing a higher cash outcome for shareholders.
- Apollo's higher bid intensifies competition for easyJet, signaling robust investor interest in aviation assets and strategic positioning in Europe's budget airline market.
Apollo offer tops rival approach
As reported by Reuters, citing easyJet, the airline says it has agreed in principle to a rival takeover approach from Apollo Global worth £5.7 billion, or $7.65 billion. The London-listed carrier says the proposed cash offer values easyJet at £7.15 per share.easyJet says the Apollo proposal delivers a better outcome for shareholders because it offers a higher cash value than Castlelake's latest bid. The company describes Castlelake's most recent proposal at £6.90 per easyJet share.
Implications for the airline sector
The new approach comes days after easyJet agreed in principle on Sunday to a £5.5 billion takeover offer from U.S. investor Castlelake. Apollo's move raises the competitive pressure around one of the UK's best-known low-cost airlines.A higher bid for easyJet highlights continued investor interest in aviation assets as buyers weigh scale, brand strength and network position in the European budget travel market. The rival offers now put shareholder value and deal certainty at the center of the takeover process.
We previously reported on easyJet’s plans to move toward private ownership as it seeks greater flexibility to adapt to rising costs and intensifying competition in Europe’s airline market. Our earlier coverage highlighted management’s view that privatization could enable longer-term decision-making, targeted investment in technology and customer service, and broader restructuring as the sector continues its post-pandemic recovery.
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