LUTON, UK — easyJet (U2) shareholders approved Apollo’s proposed £5.7bn acquisition on November 11, clearing the shareholder stage of a transaction expected to take the airline private. Court sanction and remaining conditions must still be met before the deal can close.
The airline’s meeting-results announcement records support from 97.07% of the scheme shares voted at the court meeting. The announcement separately reported 83.29% support by shareholder number. The figures measure shareholdings and shareholder numbers, respectively; neither represents the proportion of all issued shares supporting the deal.
The resolution at the general meeting passed with 96.67% of votes cast. easyJet continues to expect the scheme to become effective before the end of the first quarter of 2027, subject to its conditions. The November 11 announcement does not set a date for the court-sanction hearing.
What Shareholders Approved
Under the recommended acquisition terms summarized by easyJet, Apollo-backed Eagle Bidco is offering £7.15 per share in cash. The approximately £5.7bn valuation covers issued and to-be-issued ordinary share capital, making it an equity valuation rather than a measure of the business including debt.
Eligible investors can instead elect to receive unlisted shares under an alternative offer carrying a three-year lockup. That gives participating shareholders a way to retain an investment alongside Apollo, with different liquidity from a publicly traded holding.
The vote advances the firm offer Airways covered in August. It does not transfer control or immediately remove easyJet from the London Stock Exchange. The indicative timetable places cancellation of the listing after the scheme becomes effective.
Ownership Rules Still Matter
Airline acquisitions also depend on preserving operating rights. The Irish Aviation Authority’s guidance on EU airline ownership and control explains the requirement for more than 50% qualifying ownership and effective control, subject to applicable agreements. A shareholding percentage alone does not settle who controls an airline’s decisions.
easyJet’s meeting results show that nationality restrictions already affect its governance. The company suspended voting rights over about 233.9 million shares held by non-EU persons at the general meeting to comply with European ownership and control requirements. That voting measure is distinct from approval of the takeover’s eventual ownership structure.
Fleet and Holidays Are the Commercial Test
For easyJet, Apollo’s stated priorities include continued fleet modernization and larger aircraft, stronger ancillary and loyalty offerings, and expansion of easyJet holidays. Those intentions outline the commercial direction; they do not establish a new aircraft order or route program.
The next transaction milestone is satisfying the remaining conditions and securing court sanction. For passengers and employees, the more consequential follow-up will be how those investment intentions translate into funded fleet decisions and operating plans if the acquisition completes.
Featured imagE: Palmer Pang/Airways
