Apollo’s Possible Acquisition of easyJet plc

Following an announcement on 6 August 2026, easyJet plc has agreed terms for a recommended cash acquisition by Eagle Bidco Ltd, a company backed by Apollo. The full history of announcements is on the easyJet Regulatory News Feed.

What is the history of the takeover approaches?

This potential deal comes after a number of earlier offers from a different firm, Castlelake, which have now been superseded:

• Late May & June 2026: Castlelake confirmed it was considering making an offer foreasyJet , but their first three proposals were rejected.

• 25 June 2026: easyJet confirmed rejection of Castlelake's fourth proposal of £6.50 per share as the Board believed it undervalued the company. easyJet extended the deadline by which Castlelake was required to make a firm offer or walk away, along with providing limited access to commercial information.

• 5 July 2026: easyJet and Castlelake jointly announced that the easyJet Board was minded to recommend the financial terms of a £6.90 per share proposal.

• 10 July 2026: After a new bidder, Apollo, submitted a higher proposal of £7.15 per share in cash, the easyJet Board announced it had reached an agreement in principle with Apollo on these new terms and was no longer minded to recommend the Castlelake proposal.

• 6 August 2026: Castlelake confirmed that it did not intend to make a firm offer for easyJet.

• 6 August 2026: Apollo, through Eagle Bidco Ltd, made a firm offer under Rule 2.7 of the Takeover Code, which the easyJet Board has unanimously agreed to recommend to shareholders.

• 25 August 2026: The boards of easyJet and Bidco agreed an extension to the deadline for publishing the Scheme Document, and the Takeover Panel has granted its consent to an extension so the Scheme Document will now be published on or before 15 October 2026.

What is the current status of the takeover bid?

• As of 6 August 2026, easyJet and Apollo (via Eagle Bidco Ltd) have agreed terms for a recommended cash acquisition, to be carried out through a court-approved scheme of arrangement. The easyJet Board has unanimously recommended that shareholders vote in favour.

• As of 25 August, the boards of easyJet and Bidco have agreed an extension to the deadline for publishing the Scheme Document, and the Panel has granted its consent to this, so the Scheme Document will now be published on or before 15 October 2026. The Court Meeting and the General Meeting are therefore expected to be held in or around the week commencing 9 November 2026 and as announced on 6 August 2026, the Acquisition is still expected to complete by the end of the first calendar quarter of 2027.

Will easyJet still exist if the takeover happens?

Yes. Apollo attaches great importance to the strength of the easyJet brand and intends that it will remain in use following the completion of the transaction. Apollo plans to keep the current brand licence agreement between easyJet and easyGroup Ltd in place without any changes.

easyJet's UK headquarters and its UK, Austria and Switzerland operating licences (AOCs) will remain unchanged, and Apollo has confirmed that existing contractual and statutory employment rights and terms and conditions of employment, including pension rights, will be safeguarded in accordance with applicable law.

Will my flight happen / Should I still buy flights with easyJet?

Yes, easyJet’s flights continue to operate as normal.

How much is Apollo offering to pay?

Under the agreed terms, easyJet shareholders will be entitled to receive £7.15 per share in cash. This cash offer values the entire issued, and to be issued, ordinary share capital of easyJet at approximately £5.7 billion, representing a premium of around 81% to easyJet's share price before takeover speculation began, and 54% to the price immediately before the Middle East conflict affected the sector.

The offer also includes an Alternative Offer, allowing eligible shareholders to elect to receive unlisted shares in Apollo's investment vehicle instead of cash, so they can maintain a stake in easyJet's future growth alongside the Apollo funds. Shares taken under this option carry a three-year lock-up period. The Board is not making a recommendation either way on the Alternative Offer — shareholders considering it should refer to the Scheme Document for full details.

What happens next?

A Scheme Document will be sent to shareholders, expected within 28 days of 6 August 2026. This will set out full voting details. Shareholders will need to approve the deal at two meetings, a Court Meeting and a General Meeting, each requiring 75% approval. Subject to that and to regulatory approvals, completion is expected by the end of the first quarter of 2027.

What does Apollo plan to do with easyJet?

Apollo has said it supports easyJet's existing strategy of evolving and strengthening the low-cost carrier model and believes easyJet management's operational and commercial ambitions can be substantially accelerated. They explicitly support the following initiatives:

• Continuing the ongoing fleet modernisation and up gauging strategy.

• Enhancing the airline's ancillary and loyalty offerings.

• Scaling the easyJet Holidays business into a structurally differentiated earnings stream.

• Identifying and retaining key staff, recognising the important contribution of easyJet's employees to the company's past and future success.

• Making no material change to the balance of skills and functions across management and staff, and keeping headquarters and operating licences in the UK, Austria and Switzerland unchanged.

What should easyJet shareholders do right now?

The easyJet Board unanimously recommends shareholders vote in favour of the deal once the Scheme Document is published. In the meantime, no action is needed — shareholders will be contacted directly with voting instructions. Updates continue via the easyJet Regulatory News Feed and the easyJet Offer from Apollo page.