Apollo agrees to buy EasyJet for $7.7 billion

Zoom in: Apollo will pay £7.15 ($9.62) per share, with EasyJet stockholders given the option to either take cash or to roll their shares over into stub equity.

Catch up quick: Castlelake began circling in May, after the Iran War had caused jet fuel prices to soar.

• It made four different offers for EasyJet, which kept rejecting what it viewed as vulture offers. But the fifth was the charm, with EasyJet agreeing to a deal at £6.90 per share.
• Apollo then swooped in last month, causing EasyJet's board to switch its support.

Flashback: Jet fuel price surge could spark airline dealmaking