Apollo Wins EasyJet Takeover Battle

Skift Take Apollo outbid Castlelake and outstructured it. Its winning approach could become the blueprint for how overseas private equity acquires European airlines under strict local ownership rules. EasyJet has agreed to a takeover by Apollo Global Management in a deal worth roughly £5.7 billion ($7.7bn), ending a three-month contest for the airline. Apollo will pay £7.15 ($9.62) a share in cash, according to the terms published Thursday. The low-cost airline is one of Europe's largest, carrying more than 100 million customers a year across 37 countries. Apollo says it wants to accelerate the company’s existing plan rather than rewrite it, highlighting loyalty, ancillary revenue and its fast-growing EasyJet Holidays business as key priorities. Rival U.S. bidder Castlelake confirmed earlier on Thursday it would not bid, follo