Apollo Global has agreed to buy European budget carrier EasyJet for £5.70 billion, the US-based alternative asset manager said today.
It announced the deal after rival suitor US investment firm Castlelake walked away from its pursuit.
Minneapolis-based Castlelake, which is a major aviation investor, did not specify why it bowed out of the race.
But it said it was “very appreciative of the constructive engagement with the EasyJet Board and management team.”
Castlelake’s decision ends a pursuit that saw the investment firm make five proposals for EasyJet, including a £6.90 per share bid made public on July 5 that valued the airline at £5.5 billion.
EasyJet shares were down 4.8% in London trade today.
