EasyJet Agrees in Principle on $7.6 Billion Takeover Deal From Apollo

easyJet has agreed in principle to a takeover worth 5.7 billion pounds (about $7.64 billion) from asset manager Apollo, while withdrawing its prior recommendation tied to Castlelake. The airline said Apollo has until Aug. 7 to submit a formal offer for easyJet or otherwise walk away. The proposal implies talks are moving forward, but it is not described as a fully executed deal. The announcement also highlights easyJet’s shift in position toward Apollo’s bid as the timetable approaches. The move sets up a potential escalation in the competitive bidding process for control of the UK low-cost carrier.