Apollo has agreed to buy UK airline EasyJet in a deal valued at $7.7 billion, according to CNBC, while rival bidder Castlelake said it would not pursue the carrier. EasyJet shares fell following Castlelake's decision.
Key facts
- Apollo has agreed to acquire EasyJet in a deal valued at $7.7 billion, according to CNBC.
- Rival suitor Castlelake said it would not be bidding for the airline, CNBC reported.
- EasyJet shares fell on Thursday after Castlelake said it would not bid, according to CNBC.
Apollo has agreed to acquire UK airline EasyJet in a deal valued at $7.7 billion, according to CNBC.
The agreement comes as rival suitor Castlelake said it would not be bidding for the carrier, CNBC reported.
EasyJet shares tumbled on Thursday after Castlelake announced it would not pursue the airline, according to CNBC.
Further details of the deal, including terms and expected timing, were not specified in the available reporting.
Why it matters
A change in ownership of a major European carrier such as EasyJet could affect its future direction, though the source provides no detail on Apollo's plans. The full terms and implications of the agreement were not disclosed in the available reporting.
Frequently asked questions
Who is buying EasyJet?
According to CNBC, private equity firm Apollo has agreed to buy EasyJet in a deal valued at $7.7 billion.
Why did EasyJet's shares fall?
CNBC reported that EasyJet shares tumbled on Thursday after rival suitor Castlelake said it would not be bidding for the airline.
How much is the deal worth?
The deal is valued at $7.7 billion, according to CNBC.