Apollo gatecrashes easyJet sale with surprise £5.7bn takeover offer - business live

Apollo has made a surprise takeover offer for easyJet, challenging a planned transaction and intensifying competition in the airline’s sale. The U.S. private equity firm agreed to buy easyJet in a £5.7 billion deal, exceeding a rival bid from Castlelake and prompting easyJet to consider recommending the terms. Under an agreement in principle, easyJet said its board is inclined to recommend an offer of £7.15 per share, providing a higher cash value than Castlelake’s latest proposal of £6.90 per share submitted on 4 July 2026. Apollo’s offer represents a 22% premium versus easyJet’s prior closing share price, and an 81% premium compared with the day before the Castlelake bid period began. The earlier deal would have taken easyJet private in a £5.5 billion transaction with Castlelake, which had until 3 August to submit a formal offer. Apollo also said it would take steps to satisfy EU local ownership rules. Asian markets were mostly mixed, with Japan and Hong Kong up around 1% and South Korea up nearly 3%, while China’s SSE Composite fell 0.3%.