Timeline: EasyJet's flight path from startup to takeover by Apollo

Wizz Air Holdings

06/08/2026 15:55

Adds details Apollo agreeing takeover and other news items; updates dateline
Aug 6 (Reuters) - Apollo Global APO.N has agreed to buy European budget airline easyJet EZJ.L in a deal that values the carrier at about £5.70 billion ($7.7 billion), the companies said on Thursday, as rival suitor Castlelake abandoned its pursuit.
Here is a look at the carrier's 31-year history:
     
     1995
Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.
     
     2000
Lists in London at a £777 million valuation.
       
     2002
Acquires rival Go Fly. Founder Stelios steps down as chairman.
     
     2007
     Acquires rival GB Airways.
     
2008
Tensions begin to surface between Stelios and board over growth strategy.
     
2009-2010
EasyJet considers scaling back fleet growth amid the global economic downturn. Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management. He has clashed with easyJet several times since.
Separate two-year dispute over brand name resolved with Stelios.
     
     2011–2013
Buys 135 Airbus aircraft, modernising fleet.
     
     2020
COVID-19 forces 4,500 job cuts and shrinking of fleet.
     
     2021
Rejects takeover approach from Wizz Air WIZZ.L, raises $1.7 billion from existing shareholders.    
     
JANUARY 2026
Says summer bookings are building strongly, even as it reported a wider first-quarter loss.     
     
FEBRUARY-MARCH 2026
Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages.
     
APRIL 16, 2026
EasyJet warns of a bigger first-half loss and says bookings are lagging last year's due to the war.
     
MAY 21, 2026
Cautions its full-year outlook remains uncertain.    
     
MAY 29, 2026
Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. 
     
JUNE 1, 2026 
EasyJet calls Castlelake's timing "highly opportunistic", noting its share price is temporarily depressed due to the war.    
     
JUNE 12, 2026
Castlelake privately submits takeover proposal at £5.60 per share.
     
JUNE 16, 2026
EasyJet rejects Castlelake's bid.
     
JUNE 17, 2026
Castlelake returns with £6.00 a share private bid.
     
JUNE 20, 2026
EasyJet board rejects Castlelake's second proposal, prompting it to increase private offer to £6.25 a share.
     
JUNE 21, 2026
EasyJet rejects Castlelake's third proposal, calling it "cheap".
     
JUNE 22, 2026
Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules.
     
JUNE 23, 2026
Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed.
     
JUNE 25, 2026
EasyJet says it has rejected that bid but agrees to share some internal data with Castlelake in hopes of a higher bid. Sets July 5 deadline.
     
JULY 5, 2026
EasyJet and Castlelake announce deal in principle at £6.90 a share, valuing the airline at £5.5 billion on a fully diluted basis.
     
JULY 10, 2026
EasyJet agrees in principle to a £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending shares up as much as 15%. Stelios declines to comment on Apollo bid, as he did with Castlelake's approaches.
     
JULY 22, 2026
EasyJet shares tumble after Reuters reports that the European Union may tighten airline ownership rules, potentially complicating the takeover bids for the airline.
     
JULY 23, 2026
EasyJet reports that its third-quarter profit slid 70%, though it indicated clearer skies heading into peak summer.
     
AUGUST 3, 2026
Carrier aligns Apollo and Castlelake deadlines for formal takeover offer to August 7.
     
AUGUST 6, 2026
Apollo agrees takeover that is backed by Stelios and the Haji-Ioannou family after Castlelake bows out without giving a reason.
     
($1 = £0.7424)

 (Reporting by Neeshita Beura, Nithyashree R B and Prerna Bedi in Bengaluru, additional reporting by Bipasha Dey; Editing by Cynthia Osterman and Arun Koyyur)
 ((Prerna.Bedi@thomsonreuters.com ; +91 98052 24616;))