11/11/2026
We’re delighted to have helped easyJet plc with its £5.7bn recommended cash acquisition offer from US firm Apollo Global Management (via Eagle Bidco Ltd) – one of the highest-profile cross-border M&A deals this year. The agreement followed the withdrawal of rival US private equity firm Castlelake, which had previously submitted a final proposal of valuing easyJet at £5.5bn before dropping out of the bidding war.
EasyJet is one of Europe's largest airlines. It employs more than 19,000 people, and flies around 1,200 routes across 35 European countries. The company was founded by Sir Stelios Haji-Ioannou in 1995 to offer cheap air fares to Europe from the UK. Its first flights took off in November 1995 flying from Luton to Glasgow and Edinburgh, with its first international flights the following year.
Key Deal Details
- Offer Price: £7.15 in cash per share (representing an 81% premium over the share price prior to the emergence of takeover interest).
- Ownership & Regulatory Compliance: To satisfy strict UK and EU majority ownership and control requirements for airlines, Apollo’s direct stake is capped at 49.9%, with major backing from founder Sir Stelios Haji-Ioannou's family (holding a 15.3% stake) and other European-based structures.
- Timeline & Approvals: The deal is being executed via a court-sanctioned scheme of arrangement under the UK Companies Act (with the scheme document – produced by Black&Callow - published in October 2026). Final completion is expected by the end of the first calendar quarter of 2027, pending shareholder and regulatory votes.
Our thanks to our wonderful clients at the company and Clifford Chance acting as lead legal adviser to easyJet; Macfarlanes, acting as legal adviser to Sir Stelios and easyGroup Ltd; Evercore as lead financial adviser to easyJet; BNP Paribas as financial adviser and corporate broker to the company, alongside Panmure Liberum as corporate broker. Alongside them, Barclays acted as lead financial adviser to Apollo (with legal counsel from Norton Rose Fulbright); PJT Partners and Citigroup as financial advisers; and Paul, Weiss, Rifkind, Wharton & Garrison LLP as lead legal adviser to Apollo.
If you'd like to find out how we can help ensure the success of your most critical M&A projects, chat with us today: hello@blackandcallow.com
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