easyJet Shareholders Approve Apollo’s £5.7 Billion Takeover
Key Facts
easyJet shareholders approved Apollo’s £5.7 billion takeover of the airline on Wednesday, November 11, clearing a major hurdle for the deal. Reuters reported, in a story republished by Euronext, that the vote approved a purchase that ranks among the largest private equity takeovers of a European airline. The approval moves the deal from an offer awaiting a shareholder decision to one backed by shareholders, but does not transfer ownership immediately. Regulatory procedures and steps to implement the scheme of arrangement still precede completion. Reuters said shareholder approval paves the way for the next steps in the deal.
The formal terms of the offer date back to August 6, 2026, when Apollo made a firm offer through Eagle Bidco Limited under Rule 2.7 of the UK Takeover Code. easyJet said its board unanimously recommended that shareholders accept the offer. The company describes the deal as a recommended cash acquisition that Apollo and easyJet agreed to implement through a scheme of arrangement, subject to court approval. This structure sets out the legal route to completing the takeover after shareholder approval. The board’s recommendation remains separate from the vote decided by shareholders on November 11.
easyJet had explained that approval of the deal required votes at two shareholder meetings: the Court Meeting and the General Meeting. It said each meeting required 75% approval, making the vote a key condition before the remaining implementation procedures could proceed. In its announcement of the scheme document, a London Stock Exchange statement explained the Court Meeting threshold as a majority in number of shareholders present and voting, whose votes represent at least 75% of the value of the shares voted. This requirement combines the number of voters with the value of the shares they represent at that meeting. Shareholders approved the deal on November 11, but the announced approval structure shows that the vote alone is not enough to complete it.
easyJet expects completion by the end of the first quarter of 2027, according to the timetable it announced before the vote. The company linked that timing to securing shareholder and regulatory approvals, meaning the vote does not result in an immediate transfer of ownership. The timeline follows Apollo’s firm offer through Eagle Bidco in August and the shareholder vote in November. Regulatory approvals remain among the conditions that must be met before completion. The end of the first quarter of 2027 therefore remains an expected and conditional date, not a confirmed date for completing the takeover.