EasyJet signs a heads of terms with Apollo for a potential take-private deal valued at about 5.7 billion pounds ($6.7 billion), at 7.15 pounds per share, topping Castlelake’s prior approach.

The EasyJet board is minded to recommend Apollo’s cash offer to shareholders and is no longer minded to back Castlelake’s proposal.

A firm offer must be submitted by August 7 under the current process.

The 2020 COVID-19 period left EasyJet with thousands of job cuts and fleet reductions that still influence its business.

Questions remain about how the deal would affect customers and staff, and how integration and operations would be handled.

The dispute between Stelios and management over growth culminated in shareholder revolt attempts around 2009–2010 and ongoing board tensions.

Cross-border takeovers face regulatory hurdles, including traffic rights and EU ownership rules that could affect the deal.

From early 2026, EasyJet faced losses and volatile bookings amid global events, including Middle East-related disruption.

Industry pressure persists, with costly fuel, margin squeeze, and competition from Ryanair, while gate rights at key airports add strategic value.

EasyJet traces back to 1995 when founder Stelios Haji-Ioannou launched the carrier from London Luton, with the family still holding a sizable stake.

Investors see the deal as a play to leverage EasyJet’s valuable slots, modern Airbus fleet, and growing Holidays business amid headwinds in the sector.

EasyJet’s stock has risen about 15% year-to-date in 2026 despite broader industry pressures.