EasyJet has formally agreed to a £5.7bn takeover by Apollo Global Management, a US private equity firm, after rival bidder Castlelake declined to enter a bidding war. The airline announced the acceptance on Thursday, just 24 hours before a deadline for final offers. Apollo’s offer of £7.15 per share was tabled last month after EasyJet had initially recommended a sale to Castlelake. Under the agreement, founder Stelios Haji-Ioannou and his family will retain their shareholding, while shareholders can sell or transfer up to 49.9% of shares. An “EU Trust” will hold up to 5% to comply with European Union foreign ownership rules for airlines, limiting Apollo to 49.9%. The takeover is expected to complete by the end of March 2027.