Apollo Global Overtakes Castlelake in $7.65 Billion EasyJet Bid

The board at easyJet confirmed on Friday that it no longer intends to recommend the Castlelake proposal, which had only reached an agreement in principle days prior. Apollo’s offer represents a higher cash value, prompting the airline to pivot toward the new suitor to secure what the joint statement described as a superior outcome for shareholders.

Apollo has publicly signaled its support for the airline's current low-cost strategy, aiming to evolve the carrier's existing operational model. The clock is now ticking for both parties: Castlelake faces an August 3 deadline to respond or withdraw, while Apollo must deliver a firm offer by August 7.