easyJet investors back £5.7bn takeover of Luton-based airline
Shareholders of Luton-based easyJet have backed the airline’s £5.7billion takeover – paving the way for it to fall into US hands.
easyJet said 97.07 per cent of shareholders voted in favour of the takeover by US investment group Apollo at a meeting on Wednesday – adding the deal is set to complete by the end of March next year.
Its board agreed in August to a takeover for 715p a share by US firm Apollo, which also owns firms such as Wagamama-owner The Restaurant Group.
In a document seen by the Luton News at the time, Apollo said it did not intend to slash any jobs in its first 12 months after the takeover is officially completed.
The deal will mark the end of more than 26 years on the London stock market.
Apollo secured the deal after winning in a takeover tussle with US investment firm Castlelake.
Castlelake had previously made a £5.5 billion, or 690p a share, proposal to buy easyJet, but walked away from the bidding war in August.
easyJet was founded by Sir Stelios Haji-Ioannou in 1995 to offer a low-cost alternative to British Airways and has since expanded to be one of the largest networks across Europe.
It listed on the London Stock Exchange on November 22 2000.
Sir Stelios and his family, who own just over 15 per cent of the business, have given the takeover their support.
Alex van Hoek, partner and European private equity lead at Apollo, said in August: “We are proud to be trusted to play a lead role supporting the easyJet Group in this next phase of its growth and furthering its important contribution to the European and UK aviation sectors.”