Shareholders of easyJet approved the airline's £5.7 billion (US$7.6 billion) takeover by American investment firm Apollo Global Management on Wednesday, November 11, clearing a major hurdle in a deal expected to take the British low-cost carrier private in early 2027.
At a court-convened meeting, 97.07% of the shares voted supported the acquisition, representing 287.2 million votes in favor and 8.7 million against. The proposal was also backed by 83.29% of shareholders who participated in the vote.
A separate general meeting approved the resolution needed to implement the transaction, with 96.67% of votes in favor. The results satisfy two of the conditions required for the acquisition, which was formally recommended by easyJet's board in August.
Apollo is offering £7.15 (US$9.54) per share through Eagle Bidco, a company indirectly owned by funds managed by the American investment group. The transaction still requires regulatory approvals and authorization from a British court, with completion expected before the end of March 2027.
Apollo prevailed over Castlelake
The acquisition followed competing interest in easyJet from American investment firms. Castlelake had previously proposed acquiring the airline for £6.90 (US$9.21) per share, but Apollo submitted a higher offer in July.
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EasyJet's board reached an agreement with Apollo on August 6, recommending the transaction to shareholders. The formal acquisition documents were distributed in October, ahead of Wednesday's vote.
If completed, the deal will end easyJet's more than 25 years as a publicly traded company on the London Stock Exchange. Apollo intends to retain the easyJet brand and its existing airline operations, including its businesses in the United Kingdom, Austria and Switzerland.
European ownership rules remain a challenge
One of the main outstanding issues concerns European regulations governing airline ownership and control. Carriers operating under European Union licenses must meet requirements designed to ensure that they remain under European ownership and effective control.
EasyJet disclosed that EU nationals held 35.07% of its shares at the time of Wednesday's meeting. To comply with existing voting restrictions, the airline suspended voting rights attached to approximately 233.9 million shares held by non-EU investors during the general meeting.
The proposed acquisition structure will therefore need to satisfy aviation regulators that easyJet's European operations can continue to meet the applicable ownership and control requirements after the takeover by the American investment group.
