EasyJet, the no-frills airline, has agreed to a £5.7bn takeover by US firm Apollo. This agreement follows the withdrawal of rival bidder Castlelake, which had made a series of offers for the carrier.
Apollo has stated its intention to help EasyJet grow and does not plan to cut any jobs within the first 12 months post-takeover. This suggests passengers can expect largely the same service.
The deal will need regulatory approval, including from the EU, where rules require EasyJet's owners to be majority EU-based. Apollo anticipates this can be achieved by making the Haji-Ioannou family and other EU-based shareholders owners of approximately half of the business.
Sir Stelios Haji-Ioannou, who founded EasyJet in 1995 and whose family still owns around 15% of the business, supports Apollo's plans for growth. He stated his family intends to remain long-term major shareholders.