LUTON, UK — easyJet (U2) is consulting on proposals that could eliminate up to about 50 jobs at its Luton headquarters, ITV News reported on November 9, two days before shareholders are scheduled to vote on Apollo Global Management's proposed takeover.
The proposals concern a head office team of about 2,300 people, according to the report. ITV said easyJet confirmed the consultation following reporting in The Times, and that the cuts were understood to be unrelated to the takeover.
An easyJet spokesperson told ITV that the airline operates efficiently to keep fares low and invest in growth. The spokesperson said the proposals affected “a very small proportion of head office roles” and were intended to support the business's plans.
Takeover Terms and Employment Assurances
Eagle Bidco, backed by Apollo funds, is offering 715p (£7.15) in cash per share. The October 15 scheme document values easyJet's issued and to-be-issued ordinary share capital at about £5.6bn. The airline backed the firm takeover offer on August 6.
Shareholders are scheduled to vote at court-convened and general meetings on November 11, according to easyJet's meeting timetable. easyJet and Bidco expect the acquisition to become effective before the end of the first quarter of 2027, subject to shareholder approval, court sanction and other conditions.
In the scheme document, Apollo and Bidco say they do not intend to make headcount reductions material in the context of the easyJet Group during the 12 months after completion. However, some headquarters functions associated with its stock market listing may no longer be needed or may shrink, affecting a limited number of roles.
The document specifies that these statements of intention are not binding post-offer undertakings under Rule 19.5 of the UK Takeover Code. The headcount wording therefore does not amount to a blanket first-year jobs guarantee.
The European Works Council said it could not give a favorable opinion on the acquisition, warning in its opinion included in the scheme document that the proposed structure could weaken easyJet's long-term resilience and expose employees to risks.
The British Airline Pilots Association took a different position. In its October 13 opinion, also included in the document, it made no recommendation to shareholders on accepting the deal, while raising concerns about the effect on employees beyond the initial 12-month period.
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