Apollo Global Management has agreed a recommended cash acquisition of easyJet plc at 715 pence per share, valuing the airline at approximately £5.7 billion (€6.6 billion), implemented through Eagle Bidco Limited, a Jersey-incorporated entity indirectly owned by Apollo funds. Castlelake confirmed it would not bid, and the transaction is subject to shareholder vote, court approval and regulatory clearance with completion expected by end of March 2027.

EasyJet plc (LSE: EZJ) is a Luton-based low-cost carrier operating more than 300 aircraft across 1,200 routes in 35 countries. The 715 pence offer represents an 81% premium to easyJet's £3.94 closing price on 28 May 2026, the last trading day before the offer period opened.

Apollo Global Management (NYSE: APO) is a New York-based alternative asset manager with approximately $1.05 trillion in AUM. Stelios Haji-Ioannou and his family have confirmed support and will retain their stake; the structure caps Apollo at 49.9% to comply with EU airline ownership rules, with an EU management trust holding up to 5%. The board was advised by Evercore.

The structural driver is the FTSE discount to US equity markets creating a private equity opportunity. EasyJet's share price traded at a persistent public market discount, the 81% premium confirms that gap was real. Apollo is acquiring a structurally sound business at a cyclically depressed price following Q3 FY2026 profit declines driven by Iranian conflict fuel cost spikes.

The easyJet Holidays division, which delivered record performance in FY2025, and the A321neo fleet upgrade, 101 aircraft ordered for 2029-2034 delivery, are the growth assets Apollo identified as better capitalised under private ownership with access to incremental capital.

The 49.9% ownership cap is the regulatory complexity Apollo must navigate. EU slot and traffic rights require the carrier to remain majority EU-controlled; the Stelios family stake and EU trust mechanism are designed to satisfy that requirement, but the CAA and EASA are engaged and any regulatory challenge could complicate completion.

For Ireland, a private-equity-backed easyJet with incremental capital access is a structurally stronger competitor to Ryanair than the current public-market iteration, particularly on Belfast and Derry routes where both carriers compete directly.

Source: key.aero / aerotime.aero / rte.ie / finance.biggo.com / airguide.info