Apollo Outbids Castlelake for EasyJet with £5.7 Billion Offer

The battle for EasyJet has a new frontrunner. Apollo Global Management has offered 7.15 pounds per share, valuing the low-cost carrier at approximately £5.7 billion (€6.7 billion), and outpacing rival Castlelake's bid of 6.90 pounds per share Source: Euronews. The EasyJet board, which had previously accepted Castlelake's offer, now backs Apollo's proposal as a superior outcome for shareholders Source: La Vanguardia.

The Bidding War

• Apollo's offer represents a 3.6% premium over Castlelake's last bid and an 81% premium above EasyJet's closing price on May 28, before the takeover interest became public Source: El Confidencial.
• Castlelake retains access to EasyJet's books and could counterbid, keeping the contest open Source: Infobae.
• For now, Apollo must present a formal offer by August 7; the deal is not yet binding Source: El Confidencial.

Regulatory Hurdles

Both U.S. firms face EU ownership rules requiring majority EU control. Castlelake planned to partner with Irish aviation executives Peter Bellew and Mark Breen Source: Euronews. Apollo has committed to taking "all necessary steps" for regulatory approval and will maintain the EasyJet brand by extending the license with founder Sir Stelios Haji-Ioannou's easyGroup Source: Euronews.