EasyJet has accepted a £5.7bn takeover offer from Apollo after Castlelake withdrew from the bidding war. The U.S. private‑capital groups had vied for the low‑cost airline, with Castlelake earlier tabled multiple bids. Apollo’s proposal, slightly higher than Castlelake’s £5.5bn offer, won the board’s approval.

Castlelake announced it would not submit an offer after careful consideration. Earlier in July, Castlelake had secured the board’s backing to bid at £6.90 a share, but the airline later signaled a preference for Apollo’s higher preliminary offer of £7.15 a share. The UK Takeover Panel set a Friday deadline for firm offers.

Some shareholders had hoped a bidding war would lift the price above £7 a share, around £5.3bn. EasyJet’s shares, hit hard by the Iran war, rose 2.4% to 667.4p after Apollo’s formal bid.

Apollo’s bid was formalised on Thursday, sending the airline’s shares higher and confirming the deal as the preferred outcome in the takeover contest.