Macfarlanes has taken a lead role as easyJet agrees to Apollo’s £5.7bn takeover bid, after rival bidder Castlelake has walked away from the deal.
The UK firm is advising easyJet founder Sir Stelios Haji-Ioannou and his investment vehicle easyGroup Ltd on the deal. With approximately 15.3% of the company’s shares, easyGroup is the airline’s largest shareholder.
Macfarlanes’ team is led by M&A partner and public takeover specialist Max Mittasch and M&A partner Adam Campbell.
The agreement with Apollo follows a public bidding war between the asset management titan and alternative investment firm Castlelake.
Last month, easyJet announced it had reached an agreement in principle with Castlelake. However, five days later Apollo made a higher offer, and the airline announced that its board was ‘no longer minded to recommend the Castlelake proposal,’ as Apollo’s bid offered ‘a superior outcome’ for shareholders.
In a statement released today, Castlelake said that after ‘careful consideration’ it did not intend to make an offer for easyJet.
Apollo’s offer values the airline at £7.15 per share, above the £6.90 Castlelake offered. The deal is expected to close by Q1 2027.
Paul Weiss is advising long-term client Apollo on the transaction, while Clifford Chance has acted for easyJet throughout the negotiations with both Apollo and Castlelake. Watston Farley & Williams is acting as aviation counsel to Apollo.
Slaughter and May and Milbank have been acting for Castlelake.
