cnbc_topnews

Apollo agrees to buy UK airline EasyJet in $7.7 billion deal as Castlelake withdraws

📰 source: cnbc_topnews · 💼 business

apollo agreed to buy easyjet for $7.7 billion, taking the uk budget airline private, after rival bidder castlelake withdrew its plans. easyjet shares rose 3.1% on thursday afternoon in london, rebounding from an earlier 6% slide when castlelake said it wouldn't make an offer.

under the deal, easyjet investors get £7.15 per share ($9.63), a 54% premium to the closing price on february 27, the last day before the middle east conflict began. apollo tabled its offer last month, days after easyjet had agreed in principle to castlelake's $7.3 billion bid — which itself improved on a $6.64 billion proposal easyjet rejected in june. the transaction is expected to close by the end of the first quarter next year.

private equity interest has lifted easyjet shares nearly 50% recently, with the airline holding valuable landing slots at gatwick, paris and geneva. easyjet ceo kenton jarvis welcomed apollo's experience in aviation, while apollo's alex van hoek called easyjet a leader in european aviation.

why it matters: apollo's $7.7b buyout of easyjet at 54% premium signals strong private equity appetite for european airlines with rare airport slots.

source: cnbc_topnews
sentiment: -0.40 · impact: 0.85

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects