The founder of easyJet, Sir Stelios Haji-Ioannou, has thrown his support behind Apollo Global Management’s recommended acquisition of the airline, confirming that he and his family will remain major long-term investors after backing the £5.7 billion (€6.6 billion) takeover.
The announcement follows months of takeover speculation that saw US investment giant Apollo outbid rival private equity firm Castlelake with a recommended cash offer of £7.15 (€8.27) per share. easyJet’s board unanimously recommended the proposal, describing it as the best outcome for shareholders.
Stelios and family back Apollo’s vision
In a statement released on Thursday, Sir Stelios – who has lived in Monaco for more three decades – said he and the wider Haji-Ioannou family had “carefully reviewed” Apollo’s proposal before deciding to support the acquisition.
The family, which collectively owns around 116 million easyJet shares, representing 15.31% of the airline, has given irrevocable undertakings to back the transaction. Rather than cashing out completely, they have elected to exchange almost all of their shares for an unlisted equity interest in the new ownership structure, signalling confidence in the airline’s future.
“My family and I intend to remain invested as long-term major shareholders of easyJet for the next chapter in the company’s journey,” Sir Stelios said.
From 19 aircraft to one of Europe’s largest airlines
Sir Stelios reflected on founding easyJet in 1994 at the age of 27 before floating the airline on the London Stock Exchange in 2000 to finance its expansion.
Since then, the carrier’s fleet has grown from 19 aircraft to 356, while becoming one of Europe’s largest low-cost airlines serving hundreds of destinations across the continent.
He also highlighted a key strategic decision made at the time of the flotation: retaining ownership of the ‘easy’ brand through his private company, easyGroup Ltd. The licensing of the easy family of brands has since provided a steady income stream that now supports the work of the Stelios Philanthropic Foundation.
Apollo promises long-term growth
Apollo says it intends to build on easyJet’s existing strategy rather than fundamentally change the business.
The investment firm has pledged to retain the airline’s UK and European headquarters, support current management, continue fleet modernisation and expand higher-margin businesses such as easyJet Holidays and ancillary services. The proposed ownership structure has also been designed to comply with European airline ownership rules, allowing Apollo to acquire the business while preserving its operating licences.
Sir Stelios said Apollo’s willingness to invest in easyJet demonstrated confidence in both the airline and the wider easy brand.
“I am pleased with Apollo’s strategic intentions for the easyJet business, which aim to create more growth,” he said.
Deal expected to complete next year
Apollo’s recommended acquisition values easyJet at £5.7 billion (€6.6 billion) and follows Castlelake’s decision to withdraw from the bidding process after months of takeover interest.
If approved by shareholders and regulators, easyJet will leave the London Stock Exchange and become privately owned. The transaction is expected to complete during the first quarter of 2027, subject to the necessary approvals.
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Main photo source: Stelios Philanthropic Foundation