Apollo Locks In EasyJet Takeover at £5.7 Billion After Topping Castlelake's Offer

The US private equity firm secured board support with an all-cash bid of 7.15 pounds per share that eclipsed the rival proposal and ended a contest that began in June.

British budget carrier EasyJet has entered a preliminary agreement to be acquired by Apollo Global Management after the private equity firm improved on an earlier approach from Castlelake. The deal values the airline at 5.7 billion pounds in cash, a figure that reflects both the board's preference for Apollo's terms and the rapid escalation that followed Castlelake's initial expression of interest.

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