Panmure Liberum acts as Corporate Broker to easyJet on its £5.7bn recommended cash offer by Apollo Global Management

easyJet is a leading pan-European low-cost airline, with a strong customer brand, carrying over 100 million customers across 37 countries, to 165 airports and on over 1,200 routes every year. The easyJet Group's airline business is complemented by Holidays, which launched in 2019 to provide a differentiated customer proposition.

The cash offer for the Company at £7.15 per share values its entire issued and to be issued ordinary share capital at approximately £5.7 billion and represents a premium of approximately 81% to the closing price of £3.94 per share on 28 May 2026, being the last business day prior to the commencement of the Offer Period.

The Sir Stelios Haji-Ioannou Family Concert Party has irrevocably undertaken to elect for the rollover in respect of 116,061,871 shares, approximately 15.31% of existing issued share capital.

easyJet received competing cash proposals from Castlelake, LP and Apollo. The first of these from Castlelake was submitted at an indicative offer price of £5.60 per easyJet share, and culminated in an indicative offer from Castlelake of £6.90 per share before Apollo made its successful proposal of £7.15 per share.

The Apollo offer is to be implemented by way of a court-approved scheme of arrangement under Part 26 of the Companies Act 2006 and is expected to complete by the end of Q1 2027, subject to shareholder approvals, merger control and foreign direct investment clearances, and court sanction. Panmure Liberum is acting as corporate broker to easyJet.

Panmure Liberum Team

Investment Banking – Bidhi Bhoma, Nicholas How, Satbir Kler, Zak Wadud, Abbas Shurmahi

Sales – Julian Plant, Guy Froud

Research – Gerald Khoo