EasyJet has formally agreed to a £5.7 billion takeover by the US private equity firm Apollo Global Management. The British low-cost airline confirmed the sale on Thursday, stating that Apollo will purchase the carrier for 7.15 pounds in cash per share.
The agreement follows a weeks-long bidding war between the American private equity firm and Castlelake LP. Castlelake abandoned its months-long pursuit of the no-frills carrier after declining to raise its most recent bid of £5.5 billion, ceding the acquisition to Apollo.
EasyJet shares tumbled Thursday after Castlelake announced it would not be bidding for the U.K. airline. The deal is expected to be completed by the end of the first quarter of next year.