Apollo's £5.7bn easyJet takeover completes end of March 2027

EasyJet shareholders have approved a £5.7 billion takeover by Apollo Funds, a move that will take the airline private. The transaction is expected to complete by the end of March 2027, marking the end of more than 26 years on the London stock market and transferring the carrier into US ownership. The finalization is subject to court sanction and regulatory approval, with chief executive Kenton Jarvis stating the process is now over to the regulators and anticipated to close in the first quarter of 2027.

Shareholder Approval

The shareholder vote was decisive. At a court meeting on 11 November, 80% of shareholders voted in favour of Apollo's acquisition. This was followed by a subsequent general meeting where 97.07% of shareholders approved the £5.7bn takeover, with 2.93% voting against.

Deal Terms and Structure

Apollo agreed a deal worth 715p per share for easyJet. The ownership structure following the takeover will see Apollo Funds hold up to 49.9% of the airline. Rollover shareholders will retain a stake of between 45.1% and 49.9%, while an EU Trust will hold up to 5% to meet European airline ownership requirements. Apollo secured the deal after winning a takeover tussle with rival bidder Castlelake, which had previously proposed a £5.5bn offer at 690p per share before withdrawing in August.

Apollo's Strategic Plans

Apollo has pledged to maintain easyJet as a standalone business with consistent branding and little upheaval for workers, avoiding redundancies in the first 12 months of control. The private equity firm plans to expand the airline's loyalty programme, which is set to launch next year, and introduce premium elements on select routes. Separately, easyJet is consulting on proposals to cut up to about 50 head office roles from a team of 2,300. The airline also plans to modernize its fleet by replacing 80 older A319 aircraft with more fuel-efficient A320 and A321neo jets ordered from Airbus.

Founded by Sir Stelios Haji-Ioannou in 1995, easyJet has been a staple of the London market. Sir Stelios and his family own just over 15% of the business. Apollo, which began operations in 1990 and is headquartered in New York, is a major global investor. It ranked 29th in Private Equity International's 2024 ranking of the world's largest private equity firms. In 2025, Apollo managed assets worth $840 billion. The deal must now meet final regulatory approvals and court sanction to complete by the end of March next year.