Apollo launches £5.7bn EasyJet takeover bid, outbidding Castlelake
APO•Apollo Global Management has launched a £5.7bn takeover bid for EasyJet, outstripping Castlelake’s rival offer. The unsolicited bid positions Apollo as the front-runner in the takeover race and marks a significant push into European aviation assets for the firm.
1. Apollo tables £5.7bn offer for EasyJet
Apollo Global Management submitted an unsolicited takeover proposal valuing EasyJet at £5.7bn, topping the previous Castlelake bid. The offer includes common equity and committed debt financing, aiming to secure shareholder approval with a clear premium over recent trading levels.
2. Castlelake's competing bid
Clastlake had initially entered the process with a lower valuation, prompting EasyJet’s board to solicit better proposals. Apollo’s superior bid forces Castlelake to decide whether to revise its terms or exit the contest entirely.
3. Market and strategic implications
The move underscores Apollo’s ambition in European aviation, potentially leading to higher leverage and asset restructuring within EasyJet. Investors and regulators will scrutinize the deal timeline, with approval processes likely extending into the autumn and influencing broader airline consolidation trends.
