Apollo hijacks easyJet takeover with £5.7bn bid, trumping Castlelake

EasyJet has unexpectedly shifted its allegiance in a high-stakes corporate takeover battle, opting for a £5.7 billion bid from US private equity firm Apollo instead of a rival offer from Castlelake. This move comes just days after the budget airline had agreed to the rival proposal, signaling a dramatic change in strategy. The decision underscores Apollo's strong financial clout and could reshape the landscape of the airline industry, especially given easyJet's significant market presence. Such a takeover could bring substantial changes to the operational and strategic direction of easyJet.