Apollo Offers $7.7 Billion to Acquire British Low-Cost Airline EasyJet

A bidding war has erupted over the British low-cost airline EasyJet, whose shares surged about 14% in London following a new takeover offer. Private equity giant Apollo Global Management submitted a competing bid valued at $7.7 billion, representing a roughly 22% premium over EasyJet's market price. This offer challenges an earlier proposal from Castlelake, which was received earlier this week.

The battle for control of EasyJet unfolds amid significant pressure on the global aviation sector. The ongoing conflict between the US and Iran has caused jet fuel prices to spike, severely impacting the industry's profitability. As a result, EasyJet deepened its losses to approximately £552 million in the first half of 2026.

This competitive acquisition attempt highlights the financial strain on airlines and the strategic interest from private equity firms in the sector despite recent challenges.