Apollo Global Management to acquire easyJet for 5.7 billion pounds

US investment firm Apollo Global Management has agreed to acquire the European low-cost airline easyJet in an all-cash deal valued at approximately 5.7 billion pounds (7.7 billion dollars). The agreement was finalized on Thursday after rival bidder Castlelake abandoned its pursuit of the airline. The easyJet board, advised by Evercore, unanimously recommended the offer to shareholders, citing the deal's ability to provide immediate and attractive value amid ongoing industry pressures caused by rising operational costs.

Sir Stelios Haji-Ioannou, the founder of the airline, has officially expressed his support for the acquisition. He confirmed that he and his family intend to remain significant shareholders in the private entity that will emerge once the company is delisted from the London Stock Exchange. The airline, which has grown from 19 aircraft in 1994 to a current fleet of 356, will continue under private ownership to accelerate its commercial ambitions, particularly within its holidays division. Ownership of the brand remains with easyGroup Ltd, which holds the trademark rights.

While the financial acquisition is set, the transition involves regulatory considerations. Under British and EU aviation laws, carriers must maintain majority ownership and effective control by UK or European nationals, a requirement that will influence the final structure of the new private organization.