Apollo, $7.7 billion bid to buy EasyJet - Exceeds the offer of the American lending group, Castlelake
Apollo Global Management has agreed to buy EasyJet in a deal worth 5.7 billion pounds, or $7.7 billion, beating an offer from US group Castlelake. In a statement on Friday, EasyJet said it had reached an agreement in principle for a bid of 7.15 pounds per share and that its board was prepared to recommend the deal to shareholders. The low-cost airline, listed on the London Stock Exchange in 2000, was set to be bought for 5.5 billion pounds by private equity group Castlelake, which had until August 3 to make a formal offer.
EasyJet rejected four offers from Castlelake but last month said it would enter talks as it sought a more attractive offer. Easyjet investors had previously said the airline's board would engage in talks with Castlelake if an offer of around £7 per share was made. On Sunday, the parties reached a preliminary agreement for an all-cash offer from Castlelake of £6.90 per share, valuing the airline at around £5.5 billion.
But on Friday, Apollo stepped in, outbidding Castlelake, putting the airline at the centre of a private equity bidding war. Apollo's offer represents a premium of around 22% to the closing price of the shares on Thursday. Apollo's proposed bid price also represents an 81% premium to EasyJet's closing price of £3.94 per share on 28 May, the last day before Castlelake made its bid.
Founded as a low-cost alternative to British Airways, EasyJet has grown significantly, becoming one of the largest airlines in Europe. But its share price has struggled to recover after the Covid-19 pandemic and has lagged behind other low-cost rivals such as Ryanair and WizzAir.
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