EasyJet's flight path from airline disruptor to US-led Apollo takeover

Aug 6 (Reuters) - Apollo Global has agreed to buy European budget airline easyJet in a deal that values the carrier at about £5.7 billion ($7.7 billion), the companies said on Thursday, as rival suitor Castlelake abandoned its pursuit.

Here is a look at the airline's 31-year history:

1995

Stelios Haji-Ioannou founds easyJet and launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.

2000

EasyJet lists in London at a £777 million valuation.

2009-2010

EasyJet considers scaling back fleet growth amid the global economic downturn. Founder Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management.

2020

COVID-19 forces 4,500 job cuts and shrinking of fleet.

2021

Rejects takeover approach from rival Wizz Air, raises $1.7 billion from existing shareholders.

FEBRUARY 28, 2026

Iran conflict begins, hurting airlines globally. EasyJet warns of higher fares, fuel shortages.

MAY 29, 2026

Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. EasyJet calls Castlelake's timing "highly opportunistic".

JUNE 22, 2026

Castlelake goes public with £6.25 a share offer and says the structure would satisfy EU ownership rules. Bid follows two private £5.60 and £6.00 per share proposals. All three are rejected by easyJet, which calls the latest one "cheap".

JULY 5, 2026

EasyJet and Castlelake announce a deal in principle at £6.90 a share after a fourth £6.50 a share is rejected. The agreed bid values the airline at £5.5 billion on a fully diluted basis.

JULY 10, 2026

Apollo joins the fray! EasyJet agrees in principle to a higher £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending its shares up as much as 15%.

JULY 22, 2026

EasyJet shares tumble after Reuters reports that the European Union may tighten airline ownership rules, potentially complicating the takeover bids for the airline.

AUGUST 6, 2026

Apollo agrees $7.7 billion takeover that is backed by Stelios and the Haji-Ioannou family after Castlelake bows out.

($1 = £0.7424)

(Reporting by Neeshita Beura, Nithyashree R B and Prerna Bedi in Bengaluru, additional reporting by Bipasha Dey; Editing by Cynthia Osterman, Arun Koyyur and Susan Fenton)