Apollo lands £5.7bn recommended offer for easyJet in landmark European take-private

Apollo secured a recommended cash offer for easyJet valuing the FTSE 100 airline at approximately £5.7bn, ending a fast-moving four-week bidding contest.

The firm intention to make an offer, filed by acquisition vehicle Eagle Bidco under Rule 2.7 of the UK City Code on Takeovers and Mergers on 6 August, closes out a two-month process that saw easyJet’s board swing from backing rival bidder Castlelake to unanimously recommending Apollo’s higher offer.

Under the terms of the deal, easyJet shareholders will …