EasyJet faces competing takeover deadlines this week as Castlelake and Apollo race to formalize rival bids for the budget airline.
EasyJet’s board has accepted a £5.7 billion offer from Apollo, after first agreeing to a £5.5 billion deal with Castlelake. The airline had previously rejected four Castlelake approaches as “highly opportunistic” attempts to secure a deal “on the cheap.”
Castlelake must now submit a formal offer or walk away by 5pm Tuesday. Apollo has until 5pm Friday to make its bid official.
A successful Apollo takeover would add easyJet to a portfolio that includes a part-ownership in Atlas Air. Apollo’s private credit arm also lent $745 million to Virgin Atlantic last year for take-off and landing slots at Heathrow.
Broader wave of London deals
The competing bids are the latest in a string of foreign acquisitions targeting London-listed companies. Last week, FTSE 100 firm DCC Energy backed a £5.8 billion offer from KKR and Energy Capital Partners, while Segro recommended a £14 billion offer from San Francisco-based Prologis.
