EasyJet shareholders have voted in favour of US investment firm Apollo’s £5.7 billion takeover of the budget carrier.
More than 97 per cent of easyJet shareholders approved Apollo’s acquisition of the Luton-based company at a meeting on Wednesday (11 November). Less than 3 per cent of easyJet shareholders voted against the deal.
Apollo’s bid of £7.15 per share was accepted by easyJet’s board in August — seeing off a lower rival bid from Castlelake, another US-based investment firm.
In a statement, easyJet said that it expected the acquisition to be completed by the end of March 2027.
The deal is still subject to clearance by competitor regulators in the UK and EU. European airlines are required to be majority-owned and controlled by EU countries or citizens. This rule applies to easyJet because it operates flights between EU airports.
Under the takeover agreement, easyJet shareholders will have the option to sell or transfer shares for a combined holding of up to 49.9 per cent in the company. This includes easyJet founder Stelios Haji-Ioannou and his family, who will retain their shareholding within the new ownership structure.
Apollo will hold up to 49.9 per cent, while up to 5 per cent will be held by an EU Trust linked to a management incentivisation plan.