EasyJet Takeover: Apollo's £5.7 Billion Bid Sparks Bidding War
EasyJet has agreed to a £5.7 billion takeover by Apollo, sparking a bidding war for the UK airline. The deal, valued at £7.15 per easyJet share, will be funded through a mix of equity and debt. This offer surpasses the previous bid from US investment firm Castlelake, which easyJet had initially accepted. Apollo's unexpected bid has now been endorsed by easyJet's board, leading them to withdraw their support for Castlelake's proposal.
The bidding battle between Apollo and Castlelake has put easyJet in the spotlight as both firms vie for ownership of the airline. Apollo's interest in easyJet follows its successful acquisitions of UK businesses like Evri and The Restaurant Group. The potential takeover of easyJet would mark another instance of a UK company falling into foreign hands, adding to Apollo's growing portfolio of UK assets.
In a statement, easyJet highlighted Apollo's commitment to retaining key staff and preserving the easyJet brand post-acquisition. The airline's board believes that Apollo's offer provides a better outcome for shareholders compared to Castlelake's bid. With the bidding war intensifying, easyJet's future ownership remains uncertain as shareholders weigh the competing offers.