EasyJet shareholders have overwhelmingly approved the airline’s £5.7 billion takeover by US investment group Apollo, clearing a major hurdle in a deal that will end more than 26 years of the carrier trading on the London stock market.
The Luton-based airline said 97.07% of investors voted in favour at a meeting on Wednesday, with just 2.93% opposing the transaction. EasyJet expects the takeover to complete by the end of March next year.
Apollo agreed the deal with easyJet’s board in August at 715p a share, securing control after a bidding contest with rival US investment firm Castlelake.
Castlelake had proposed a £5.5 billion takeover, valuing the airline at 690p a share, but withdrew from the contest in August after Apollo’s higher offer emerged.
The transaction will transfer easyJet into US ownership, marking a significant change for one of Britain’s best-known airlines and ending its long-standing presence on the public market.
Founder Sir Stelios Haji-Ioannou, who launched easyJet in 1995 as a low-cost challenger to British Airways, and his family retain just over 15% of the business.
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