The match for the control di the easy family of brands. suddenly changes gear. When the market was waiting for the final move of Castlelake, Apollo Global Management he surprised the competition by presenting a richer offering to take over the British airline.
The American fund puts on the table £7,15 per share, against the £6,90 offered by Castlelake, arriving at an overall valuation of approximately 5,7 billion pounds. A proposal entirely in cash which immediately sparked the enthusiasm of investors: London Stock Exchange title easyJet has made a profit more than 15%, reaching 678,00 pence, fueled by the prospect of a possible bull run between large international funds.
The move on easyJet comes as Apollo is accelerating its offensive in Europe. At the same time, the American fund also closed a investment of 3 billion of euros in Bayer, entering the long-acting contraceptives division. Two operations with distant sectors, but united by the same strategy: identifying companies with quality assets and transforming their potential into value.
Apollo raises stake in easyJet and overtakes Castlelake
easyJet, listed on the London Stock Exchange since 2000, seemed to be on its way back to a Private property through a deal worth around £5,5 billion with Castlelake, a US fund specializing in private credit. The company had, however, rejected four precedents proposals, deeming them insufficient given the company's value, before opening discussions to improve the financial conditions. Apollo's arrival completely changed the situation, transforming a nearly closed deal into a new battle between investors.
easyJet has confirmed that it has reached a preliminary agreement on the terms of the Apollo offer and the board of directors is inclined to recommend the American fund's proposal to shareholders, considered superior to the Minneapolis fund's latest offer.
"The proposed cash offer delivers a superior outcome for easyJet shareholders, offering a higher cash value than Castlelake's latest proposal of £6,90 per easyJet share," the company said. The financing for the Apollo deal will be supported by the British bank. Barclays.
Why Apollo Wants EasyJet: Fleet, Slots, and Vacation Business
Behind the battle for control of easyJet there is not only the brand of one of the main European low cost airlines, but above all the value of its industrial assets. Apollo looks at the fleet of aircraft, to the orders already scheduled, to the slot in the most strategic European airports and in the division easyJet Holidays, the branch dedicated to holiday packages which in recent years has recorded strong growth in revenues and profitability.
The company has a consolidated presence in major European airports and a model focused on the leisure segment, which is particularly attractive to financial investors. The challenge, however, will be to transform this potential into greater value: in recent years, easyJet has not grown at the same rate as ultra-low-cost competitors such as Ryanair e Wizz Air, also slowing down the performance of the stock.
Apollo is focusing on this very opportunity. The fund has explained that it wants to accelerate the company's strategy by investing in a more modern and efficient fleet and in the expansion of the holiday businessAccording to Apollo, the transition from a listed to a private company would provide greater flexibility in business decisions and long-term planning. "EasyJet's management team's operational and commercial ambitions can be significantly accelerated thanks to the access to additional capital and the long-term strategic and business planning that a private company environment offers," Apollo stated.
The fund also brings specific knowledge of the airline sector: over the years it has invested in companies such as Aeromexico, Sun Country Airlines e Atlas Air Worldwide Holdings, in addition to having financed large groups such as Air France-Klm, Virgin Atlantic, sas Scandinavian Airlines e Latam Airlines Group.
From easyJet to Bayer: Apollo's European strategy takes shape
The challenge for easyJet is part of a broader plan. Apollo is expanding its presence in Europe by targeting companies with global brands, strategic assets, and growth potential.
The investment announced simultaneously on Bayer is an example of this. The American fund acquired a company for 3 billion euros minority share of division dedicated to contraceptives long-term, leaving operational control to the German group.
The business includes products such as Mirena, kyleena e Jaydess, which in 2025 generated approximately 1,4 billion euros in revenue. For Bayer, the operation allows it to obtain new liquidity in a delicate phase, also to face the burden of the litigation linked to Roundup, the glyphosate-based weed killer inherited from Monsanto's $60 billion acquisition in 2018.
With easyJet, Apollo is changing sectors, but maintaining the same philosophy: entering companies with strong assets and creating value through capital, financial discipline, and a long-term vision.
The European ownership issue and the bet on profits
However, there remains a crucial step to overcome: the issue of European ownership. Apollo, being a US fund, will in fact have to guarantee the compliance with European rules which require EU airlines to maintain European control in order to retain certain traffic rights.
According to Bernstein analysts, this will be one of the most delicate aspects of the operation and may require the involvement of European investors in the future ownership structure. The founder of easyJet could also play a role. Stelios Haji-Ioannou, which with a stake greater than 15% could choose to reinvest in the new private company.
In addition to the regulatory issue, Apollo will have to demonstrate that the review from 5,7 billion pounds is planetThe fund is betting on easyJet's ability to increase profits and value in the coming years through greater efficiency, targeted investments, and stronger growth by 2030.
easyJet, next steps: due diligence and final offer by August 7th
The next step will be the phase of due diligence, during which Apollo will have access to the company's financial, commercial, and operational data. The fund has committed to presenting a binding offer by 17:00 pm London time of August 7thThe final decision will be up to the shareholders, called to evaluate not only the financial reward offered, but also the industrial project and the future prospects of the company.
After 25 years of being listed on the London Stock Exchange, easyJet is facing a historic turning point: the future of Europe's second-largest low-cost airline could soon pass into the hands of Apollo.
