Apollo Global Management has secured the acquisition of British airline easyJet for 5.7 billion pounds, ending a months-long bidding battle.
The deal was cleared after competing investment firm Castlelake withdrew its offer. EasyJet founder Sir Stelios Hadjioannou and his family supported the proposal by Apollo Global Management, stating that they will remain long-term shareholders in the private business.
Shareholder backing and purchase terms
Under the terms of the deal, Apollo Global Management will pay 715 pence per share in cash. The agreement values the European low-cost carrier at approximately 5.7 billion pounds, or 7.7 billion dollars.
The board of directors of easyJet unanimously recommended that shareholders approve the takeover proposal. The support of the Hadjioannou family proved decisive, as they control roughly 15.3 percent of the share capital as the company's largest shareholder.
Delisting from the London Stock Exchange
The transaction marks the departure of easyJet from the London Stock Exchange after more than 25 years as a public company, moving the carrier into private ownership.
