Apollo bid overtakes Castlelake for easyJet

In early July 2026 Castlelake announced a principal agreement to acquire easyJet for up to £5.5 billion, offering £6.90 per share and pledging to satisfy EU ownership rules through European partners. Apollo Global Management quickly responded with a higher cash‑plus‑equity proposal of £7.15 per share, valuing the airline at about £5.7 billion.

Following Apollo’s offer, easyJet’s board withdrew its recommendation of the Castlelake deal and endorsed the Apollo bid, describing it as a “superior result” for shareholders. The board also said shareholders could elect to receive cash or transfer their holdings into an Apollo‑controlled vehicle, and the announcement sent easyJet shares up more than 13 % in early London trading, reaching their highest level in over four years.

Apollo has now formalised its £5.7 billion takeover offer, reaffirming its commitment to keep the easyJet brand and to inject additional capital to support the carrier’s long‑term strategy. Both bidders must meet strict EU ownership requirements that keep a majority of the airline under European control. If completed, the transaction would take easyJet private, likely lead to its delisting from the London Stock Exchange, and could reshape competition among European low‑cost carriers, affecting more than 19 000 employees and over 1 200 routes.

Apollo must present a binding offer by 7 August, while Castlelake has until 3 August to improve or abandon its proposal.