Apollo has landed a £5.7bn recommended offer for easyJet in a landmark European take-private. The firm intention to make an offer, filed by acquisition vehicle Eagle Bidco under Rule 2.7 of the UK City Code on Takeovers and Mergers, closes out a two-month process that saw easyJet’s board swing from backing rival bidder Castlelake to unanimously recommending Apollo’s higher offer.

In a separate development, an offer values Żabka’s equity at approximately PLN 32.62bn, or $8.6bn, at PLN 32.00 ($8.48) per share in cash. Both sponsors, alongside Żabka’s key executive managers, have entered into separate hard irrevocable undertakings covering roughly 57% of the issued and outstanding shares.

Meanwhile, TA’s hold period began in 2019 and has seen Gong cha nearly triple its store base, expand into new geographies, and build the operational infrastructure typically associated with far larger consumer platforms.