Key Takeaways
- • Bankers and advisers on Apollo Global Management's £5.7bn acquisition of easyJet are expected to earn approximately £334m in fees, according to the Financial Times, making it one of the UK's most lucrative takeovers for dealmakers this year.
- • Apollo will pay roughly £280m in fees, including £190m tied to arranging acquisition financing, while easyJet will pay a further £54m.
- • Apollo outbid rival private credit manager Castlelake, which had previously been in negotiations with the airline, to secure the deal.
- • The transaction takes easyJet private after more than two decades as a listed company, with Apollo planning to reposition the business toward higher-value travel and improve financial performance.
- • The ownership structure was revised to satisfy EU aviation rules requiring majority European ownership and control, with Sir Stelios Haji-Ioannou's family expected to hold between 45.1% and 49.9%.
Summary
Bankers and advisers involved in Apollo Global Management's £5.7bn acquisition of easyJet are expected to receive approximately £334m in fees, according to a report by the Financial Times. The sum makes the transaction one of the UK's most lucrative takeovers for dealmakers this year. Apollo will bear approximately £280m of these fees, including £190m associated with arranging acquisition financing, while easyJet will pay a further £54m.
Apollo's advisers include Barclays, PJT Partners, Citigroup and law firm Paul Weiss. easyJet's advisers include Evercore, BNP Paribas, Panmure Liberum and Clifford Chance. Apollo secured the acquisition after outbidding Castlelake, a rival private credit manager that had previously been in negotiations with the airline.
The transaction will take easyJet private after more than two decades on the stock market. Apollo plans to reposition the business toward higher-value travel and improve its financial performance.
The proposed ownership structure has been revised to comply with EU aviation regulations requiring majority European ownership and control. Under the revised arrangements, easyJet's board will reportedly comprise 10 directors, including four Apollo representatives and two appointed by existing shareholders. Founder Sir Stelios Haji-Ioannou is expected to transfer his family's existing 15% holding into the private company, giving the family a stake of between 45.1% and 49.9%.
Apollo's advisers include Barclays, PJT Partners, Citigroup and law firm Paul Weiss. easyJet's advisers include Evercore, BNP Paribas, Panmure Liberum and Clifford Chance. Apollo secured the acquisition after outbidding Castlelake, a rival private credit manager that had previously been in negotiations with the airline.
The transaction will take easyJet private after more than two decades on the stock market. Apollo plans to reposition the business toward higher-value travel and improve its financial performance.
The proposed ownership structure has been revised to comply with EU aviation regulations requiring majority European ownership and control. Under the revised arrangements, easyJet's board will reportedly comprise 10 directors, including four Apollo representatives and two appointed by existing shareholders. Founder Sir Stelios Haji-Ioannou is expected to transfer his family's existing 15% holding into the private company, giving the family a stake of between 45.1% and 49.9%.
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