UK budget airline agrees to £5.7bn takeover by US firm

Apollo pledges not to cut jobs for at least a year

Easyjet has agreed to a £5.7 billion (€6.65 billion) takeover offer from Apollo after its rival Castlelake walked away from the bidding war for the low-cost airline.

An “EU Trust” shareholding group will retain up to 5%, a structure that appears designed to comply with the European Union’s foreign ownership rules for airlines, with Apollo limited to 49.9%.

Apollo Agrees to $7.7 Billion Deal for Britain’s easyJet