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The race to own one of Europe's major low-cost carriers ended with Apollo the winner. The alternative asset manager agreed to acquire easyJet for £5.7bn, outbidding Castlelake in a contested process.
EasyJet described the Apollo offer as delivering a superior outcome for its shareholders. Why two buyers were competing Contested bids for airline assets are uncommon.
The presence of two credible buyers signals the degree of institutional demand for exposure to European aviation at current valuations.
Short-haul carriers with established slot holdings and proven route networks carry qualities that appeal to long-duration investors: regulatory and operational barriers to entry, and passenger demand that has held up through multiple economic cycles.
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