Key Takeaways
- • Apollo's proposed £5.7bn acquisition of easyJet has drawn opposition from European unions, with the airline still expecting completion by the end of Q1 2027, according to Reuters.
- • The European Works Council (EWC) formally opposed the transaction, arguing it could weaken the airline's long-term resilience and that employees were offered only 12 months of non-binding commitments.
- • Representative bodies in France, Portugal and Spain stopped short of endorsing the deal, while bodies in Britain and Germany took a neutral position on its financial terms.
- • Regulatory clearances have been secured in Austria, Britain, France, Germany and Malta, with further approvals outstanding in those countries and other jurisdictions.
- • Shareholder and court meetings are planned for the week beginning 9 November; completion would delist easyJet from the London Stock Exchange after more than 25 years.
Summary
Apollo's proposed acquisition of easyJet, valued at £5.7bn, has drawn opposition from European unions, although the airline expects the deal to complete by the end of Q1 2027, according to Reuters. In a scheme document published on Thursday, easyJet said unions across Europe had raised concerns about the airline's ownership structure following the takeover.
The European Works Council (EWC) opposed the transaction, arguing that it could weaken the airline's long-term resilience and expose employees to risks that existing assurances did not adequately address. The EWC also said employees had been offered only 12 months of non-binding commitments. Representative bodies in France, Portugal and Spain stopped short of endorsing the acquisition, while bodies in Britain and Germany adopted a neutral stance on the financial terms.
Ownership remains a regulatory hurdle. Apollo has proposed a governance framework intended to ensure easyJet remains majority-controlled by European interests, a structure that could set a precedent for private equity acquisitions of European airlines. easyJet said it has secured some regulatory approvals in Austria, Britain, France, Germany and Malta, while further clearances remain outstanding in those countries and other jurisdictions.
Apollo's plans for the airline include expanding its offering through a loyalty programme, premium travel products and additional revenue streams intended to increase customer spending. easyJet plans to hold court and shareholder meetings during the week beginning 9 November to approve the acquisition. Completion would take the airline off the London Stock Exchange after more than 25 years.
The European Works Council (EWC) opposed the transaction, arguing that it could weaken the airline's long-term resilience and expose employees to risks that existing assurances did not adequately address. The EWC also said employees had been offered only 12 months of non-binding commitments. Representative bodies in France, Portugal and Spain stopped short of endorsing the acquisition, while bodies in Britain and Germany adopted a neutral stance on the financial terms.
Ownership remains a regulatory hurdle. Apollo has proposed a governance framework intended to ensure easyJet remains majority-controlled by European interests, a structure that could set a precedent for private equity acquisitions of European airlines. easyJet said it has secured some regulatory approvals in Austria, Britain, France, Germany and Malta, while further clearances remain outstanding in those countries and other jurisdictions.
Apollo's plans for the airline include expanding its offering through a loyalty programme, premium travel products and additional revenue streams intended to increase customer spending. easyJet plans to hold court and shareholder meetings during the week beginning 9 November to approve the acquisition. Completion would take the airline off the London Stock Exchange after more than 25 years.
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