BAKU, Azerbaijan, August 6. Apollo Global Management has agreed to acquire European low-cost airline easyJet in a deal valuing the carrier at approximately £5.7 billion ($7.7 billion), the companies announced on Thursday.
The agreement ends months of takeover speculation after investment firm Castlelake withdrew from the bidding process.
Castlelake had submitted five offers for easyJet before Apollo entered the race in July with a higher proposal, securing the unanimous backing of the airline's board.
Under the transaction, the family of easyJet founder Stelios Haji-Ioannou, together with other shareholders who choose to remain invested, is expected to own between 45.1% and 49.9% of the acquiring vehicle.
An EU management trust will hold up to 5%, while Apollo-managed funds will own the remaining stake, capped at 49.9%.
The offer values easyJet shares at £7.15 each, representing an 81% premium over the airline's closing share price on May 28, the day before Castlelake's initial takeover interest became public.
Following the announcement, easyJet shares rose 3.6% to 675 pence, extending gains of more than 65% since takeover interest first emerged.
