EasyJet's flight path from startup to takeover by Apollo

Aug. 6 (Reuters) - Apollo Global Management APO.N has agreed to buy European budget airline easyJet EZJ.L in a deal that values the carrier at about £5.70 billion ($7.7 billion), the companies said on Thursday, as rival suitor Castlelake abandoned its pursuit. Here is a look at the carrier's 31-year history: **1995** Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares. **2000** Lists in London at a £777 million valuation. **2002** Acquires rival Go Fly. Founder Stelios steps down as chairman. **2007** Acquires rival GB Airways. **2008** Tensions begin to surface between Stelios and board over growth strategy. **2009-2010** EasyJet considers scaling back fleet growth amid the global economic downturn. Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management. He has clashed with easyJet several times since. Separate two-year dispute over brand name resolved with Stelios. **2011-2013** Buys 135 Airbus aircraft, modernising fleet. **2020** COVID-19 forces 4,500 job cuts and shrinking of fleet. **2021** Rejects takeover approach from Wizz Air WIZZ.L, raises $1.7 billion from existing shareholders. **January 2026** Says summer bookings are building strongly, even as it reported a wider first-quarter loss. **February-March 2026** Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages. **April 16, 2026** EasyJet warns of a bigger first-half loss and says bookings are lagging last year's due to the war. **May 21, 2026** Cautions its full-year outlook remains uncertain. **May 29, 2026** Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. **June 1, 2026** EasyJet calls Castlelake's timing "highly opportunistic", noting its share price is temporarily depressed due to the war. **June 12, 2026** Castlelake privately submits takeover proposal at £5.60 per share. **June 16, 2026** EasyJet rejects Castlelake's bid. **June 17, 2026** Castlelake returns with £6.00 a share private bid. **June 20, 2026** EasyJet board rejects Castlelake's second proposal, prompting it to increase private offer to £6.25 a share. **June 21, 2026** EasyJet rejects Castlelake's third proposal, calling it "cheap". **June 22, 2026** Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules. **June 23, 2026** Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed. **June 25, 2026** EasyJet says it has rejected that bid but agrees to share some internal data with Castlelake in hopes of a higher bid. Sets July 5 deadline. **July 5, 2026** EasyJet and Castlelake announce deal in principle at £6.90 a share, valuing the airline at £5.5 billion on a fully diluted basis. **July 10, 2026** EasyJet agrees in principle to a £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending shares up as much as 15%. Stelios declines to comment on Apollo bid, as he did with Castlelake's approaches. **July 22, 2026** EasyJet shares tumble after Reuters reports that the European Union may tighten airline ownership rules, potentially complicating the takeover bids for the airline. **July 23, 2026** EasyJet reports that its third-quarter profit slid 70%, though it indicated clearer skies heading into peak summer. **August 3, 2026** Carrier aligns Apollo and Castlelake deadlines for formal takeover offer to August 7. **August 6, 2026** Apollo agrees takeover that is backed by Stelios and the Haji-Ioannou family after Castlelake bows out without giving a reason.

EasyJet's flight path from startup to takeover by Apollo

Apollo agrees takeover of easyJet

Key milestones in easyJet's history

Recent takeover and earnings updates

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