Apollo Global Management has agreed to acquire easyJet plc in a cash deal valuing the airline at approximately £5.7 billion, according to a statement from both companies.

Under the terms of the acquisition, easyJet shareholders will receive £7.15 per share in cash. The offer represents an 81% premium to easyJet's closing price of £3.94 on the unaffected date, and a 22% premium to the stock's highest closing price of £5.88 over the prior four-year period.

As an alternative to the cash offer, eligible shareholders may elect to receive unlisted shares in an indirect parent company of the acquiring entity, on a one-for-one basis. The alternative share option is capped at 49.9% of the total issued ordinary share capital of the new parent company following completion.

The Haji-Ioannou Family Concert Party, which includes easyJet founder Sir Stelios Haji-Ioannou and family members, has provided irrevocable undertakings to vote in favor of the deal and to elect for the share alternative in respect of approximately 116 million easyJet shares, representing about 15.31% of the existing issued ordinary share capital.

easyJet's board of directors unanimously recommended shareholders vote in favor of the scheme, following advice from Evercore that the cash offer terms are fair and reasonable. The board made no recommendation regarding the share alternative.

Apollo's previous aviation investments have included Sun Country Airlines, Aeromexico, and Atlas Air. The acquisition is structured as a scheme of arrangement under Part 26 of the UK Companies Act 2006 and remains subject to regulatory and shareholder approvals.