easyJet: Offer of 715p per share agreed in principle between easyJet and Apollo, higher than Castlelake

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easyJet: Offer of 715p per share agreed in principle between easyJet and Apollo, higher than Castlelake

C A Z E N O V E Europe Equity Research

10 July 2026

easyJet Underweight

EZJ.L, EZJ LN

Offer of 715p per share agreed in principle between Price (09 Jul 26):588p

easyJet and Apollo, higher than Castlelake Price Target (Dec-27):360p

News: easyJet and Apollo have reached an agreement in principle for a cash offer European Transport & Logistics

ACat 715p per share (an increase on Castlelakes agreement in principle at 690p per Harry J Gowers

share), including a stub equity alternative which would allow eligible shareholders (44-20) 7134-7522

to roll their existing shareholding into Apollo’s investment vehicle. This is not yet harry.gowers@jpmorgan.com

a firm offer from Apollo, with the ‘PUSU’ deadline extended by a few days to 5pm J.P. Morgan Securities plc

on the 7th August. The easyJet Board has concluded that the latest financial terms Alexia Dogani

offered are at a level the Board would be minded to recommend to easyJet (44-20) 3493-3791

alexia.dogani@jpmorgan.com

shareholders should a firm offer come through, and the Board believes that the J.P. Morgan Securities plc

proposal offers shareholders an “attractive combination of value, strategic

Bhavpreet S Batra

alignment and long-term stewardship of the business”. It is no longer minded to (91-22) 6157-5046

recommend Castlelakes offer. Similar to Castlelake, Apollo has agreed to take “all bhavpreet.batra@jpmorgan.com

necessary steps” to satisfy any conditions relating to merger control and EU J.P. Morgan India Private Limited

Foreign Subsidies Regulation clearances and a “best endeavors” commitment to Shikha Khurana

obtain any regulatory clearances and approvals required to complete the (91-22) 6157-5022

transaction.