EasyJet's flight path from airline disruptor to US-led Apollo takeover
Timeline of EasyJet's Key Milestones and Takeover Events
Aug 6 (Reuters) - Apollo Global has agreed to buy European budget airline easyJet in a deal that values the carrier at about £5.7 billion ($7.7 billion), the companies said on Thursday, as rival suitor Castlelake abandoned its pursuit.
Founding and Early Growth
Here is a look at the airline's 31-year history:
1995: EasyJet is Founded
Stelios Haji-Ioannou founds easyJet and launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.
2000: Public Listing
EasyJet lists in London at a £777 million valuation.
Challenges and Strategic Shifts
2009-2010: Economic Downturn and Boardroom Tensions
EasyJet considers scaling back fleet growth amid the global economic downturn. Founder Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management.
2020: Impact of COVID-19
COVID-19 forces 4,500 job cuts and shrinking of fleet.
2021: Rejecting Takeover and Raising Capital
Rejects takeover approach from rival Wizz Air, raises $1.7 billion from existing shareholders.
Takeover Bids and the Apollo Deal
2026: Geopolitical and Market Pressures
February 28, 2026: Iran Conflict
Iran conflict begins, hurting airlines globally. EasyJet warns of higher fares, fuel shortages.
May 29, 2026: Castlelake's Interest Emerges
Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. EasyJet calls Castlelake's timing "highly opportunistic".
June 22, 2026: Castlelake's Public Bid
Castlelake goes public with £6.25 a share offer and says the structure would satisfy EU ownership rules. Bid follows two private £5.60 and £6.00 per share proposals. All three are rejected by easyJet, which calls the latest one "cheap".
July 5, 2026: Deal in Principle with Castlelake
EasyJet and Castlelake announce a deal in principle at £6.90 a share after a fourth £6.50 a share is rejected. The agreed bid values the airline at £5.5 billion on a fully diluted basis.
July 10, 2026: Apollo Enters the Scene
Apollo joins the fray! EasyJet agrees in principle to a higher £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending its shares up as much as 15%.
July 22, 2026: Regulatory Concerns
EasyJet shares tumble after Reuters reports that the European Union may tighten airline ownership rules, potentially complicating the takeover bids for the airline.
August 6, 2026: Apollo's Takeover Confirmed
Apollo agrees $7.7 billion takeover that is backed by Stelios and the Haji-Ioannou family after Castlelake bows out.
Additional Information
($1 = £0.7424)
(Reporting by Neeshita Beura, Nithyashree R B and Prerna Bedi in Bengaluru, additional reporting by Bipasha Dey; Editing by Cynthia Osterman, Arun Koyyur and Susan Fenton)
