Apollo has secured a recommended cash offer for easyJet, valuing the airline at approximately £5.7bn. This marks the end of a rapid bidding process. easyJet shareholders are set to receive £7.15 in cash per share, a significant premium to recent market prices, including an 81% premium to the closing price before Castlelake's interest became public. The transaction, structured as a court-approved scheme of arrangement, is anticipated to complete by the end of the first quarter of 2027.

Apollo, through its partner Alex van Hoek, highlighted easyJet's strong market position and customer proposition. The deal structure addresses complexities, particularly EU Airline Ownership and Control Requirements. A key element is the Rollover Share alternative, allowing eligible shareholders to retain equity in a new parent vehicle, Topco. The Haji-Ioannou family, the founding shareholder group, has committed to the Rollover Share alternative for approximately 15.31% of the airline's shares, providing Apollo with a crucial EU-national anchor shareholder base.

The easyJet board, chaired by Sir Stephen Hester, recommended the offer after a thorough review of proposals. Hester stated the offer recognizes the quality of the business and delivers immediate, certain value. Apollo sees potential for growth in revenue management, ancillary revenues, and network optimization, areas where private ownership can facilitate longer-term investment. The deal requires shareholder approval and various regulatory clearances.