Apollo Wins easyJet with $7.68B Takeover as Castlelake Bows Out
APO sits 30% above its 52-week low of $99.56 on light trading volume (0.1× avg).
Summary
Apollo Global Management has secured a definitive agreement to acquire easyJet for 5.7 billion pounds ($7.68 billion), or 7.15 pounds per share in cash. The easyJet board has recommended the offer, and the founding Haji-Ioannou family, the largest shareholders, have pledged their support. This follows Apollo's conditional proposal in May and a bidding war with Castlelake, which has now withdrawn. The deal adds a major European airline to Apollo's portfolio, leveraging its extensive network and recent fleet upgrades. With easyJet shares trading at 6.74 pounds, the 7.15-pound offer represents a modest premium, suggesting market confidence in completion. The transaction is subject to shareholder and regulatory approvals.
At the time of this announcement, APO was trading at $129.09 on NYSE in the Finance sector, with a market capitalization of approximately $76.3B. The 52-week trading range was $99.56 to $153.29. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.