Apollo submits $7.7 billion bid for easyJet, topping Castlelake’s earlier offer

Apollo Global Management submitted a $7.7 billion takeover bid for easyJet. The cash offer values the airline at £5.7 billion and provides £7.15 per share, with shareholders also given the option to roll their holdings into Apollo's investment vehicle through a stub equity alternative. EasyJet shares rose as much as 14 percent after the market opened and were last trading 13.2 percent higher.

The stock closed at £5.88 per share on Thursday and has risen 15.2 percent since the start of 2026. The Apollo proposal follows easyJet's agreement in principle on Monday to a $7.3 billion cash offer from Castlelake at $6.90 per share. Castlelake has until August 3 to make a firm offer or withdraw.

The Apollo bid represents a 22 percent premium to Thursday's close and an 81 percent premium to the May 28 closing price of £3.94, the final day before the Castlelake offer period began. EasyJet stated that the Apollo cash offer delivers a higher value than Castlelake's latest proposal. The board is no longer minded to recommend the Castlelake deal, the company said.

In the first half of 2026 easyJet reported a pre-tax loss of £552 million, wider than the £394 million loss recorded in the same period a year earlier.