EasyJet Q3 Profit Plunges 70% on Iran War Costs, Backs Apollo's £5.7B Bid
APO sits 20% above its 52-week low of $99.56.
Summary
EasyJet's Q3 profit collapsed to £85M from £286M a year ago, driven by higher costs from the Iran war disruption. The airline backed Apollo's £5.7B takeover offer over Castlelake's approaches, a key development in the ongoing M&A saga. Despite the profit drop, EasyJet reported strong late bookings and is 68% sold for Q4, signaling resilient summer demand. For Apollo, the bid remains on track, but the earnings miss highlights operational risks at the target. The timeline shows Apollo's recent private credit fund redemption cap, adding pressure to deploy capital effectively.
At the time of this announcement, APO was trading at $119.04 on NYSE in the Trade & Services sector, with a market capitalization of approximately $68.6B. The 52-week trading range was $99.56 to $153.43. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.