EasyJet has accepted a takeover bid by US firm Apollo – the parent of The Travel Corporation – after a second investment company, Castlelake, withdrew from the battle for the low-cost carrier.
The airline’s founder, Sir Stelios Haji-Ioannou, who owns around 15% of easyJet together with his family, said he supports Apollo’s plans to ‘create more growth’.
Sir Stelios added: “My family and I intend to remain invested as long-term major shareholders of easyJet for the next chapter in the company’s journey.”
Apollo stated that it is ‘highly supportive’ of easyJet’s existing strategy, adding that there is ‘a significant opportunity to accelerate the operational and commercial ambitions’ for the easyJet Group’.
It said it doesn’t plan to cut any jobs in the first 12 months following the takeover, as reported by the BBC.
EasyJet Chief Executive Kenton Jarvis said: “We welcome Apollo’s commitment to our business and our people, and believe that its experience in the aviation sector makes it a strong partner for easyJet.”
The deal will need to win approval from regulators, including in the EU where rules mean easyJet’s owners will have to be majority EU-based.
Apollo anticipates this can be achieved by capping its stake at 49.9% and making the Haji-Ioannou family, and other EU-based shareholders, owners of around half of the business.
