EasyJet to be sold to US private-equity firm in £5.7bn deal

Budget airline easyJet is to be sold in a £5.7bn deal to a private equity firm that has promised not to cut jobs for at least a year. Apollo outbid rival suitor Castlelake, which had walked away from a bidding war after offering £5.5bnBefore a deadline on Friday, Castlelake confirmed it did not intend to make a formal takeover offer, allowing Apollo to progress with its deal.The US firm, which also owns Wagamama-owner The Restaurant Group, will pay shareholders 715p per share for the business.The Iran war and closure of the Strait of Hormuz have left airlines facing higher fuel costs.The deal, which will require approval at a shareholder vote, is expected to complete in the first quarter of next year, and easyJet is expected to delist from the stock market.EasyJet, which was was founded by