Apollo Global Management faces union opposition in £5.7bn easyJet takeover

Apollo Global Management is proceeding with a £5.7 billion takeover of easyJet, a deal expected to close by the end of the first quarter of 2027. The acquisition will result in the airline being delisted from the stock exchange after more than two decades of trading.

The transaction is facing significant opposition from European labor unions. The European Works Council (EWC) and the British Airline Pilots’ Association (Balpa) have raised concerns regarding employment security, noting that the deal only offers 12-month non-binding job guarantees. Unions argue that the current structure may weaken the airline’s long-term resilience and leaves staff with insufficient clarity regarding future workforce plans and pensions.

To satisfy European Union regulatory requirements regarding majority ownership and control, Apollo has implemented structural changes to the holding company, Topco. These measures include reforming the board of directors to ensure the company maintains a ‘European identity,’ such as allowing the board to elect its own chair and ensuring Apollo directors do not hold a majority on an expanded ten-member board.

Financial advisors and bankers involved in the deal are expected to receive approximately £334 million in fees, making it one of the most lucrative transactions in the City of London this year.