The deal, for £5.7billion, comes after Apollo, which agreed a deal to acquire Trafalgar, Contiki and Uniworld parent The Travel Corporation in 2024, upped the ante with an offer worth £7.15 per share.

The cash offer has been backed by easyJet’s board and by its founder Sir Stelios Haji-Ioannou, who is the largest shareholder.

The announcement came not long after Castlelake said it would not make a firm offer to buy easyJet, a move that ended a months-long takeover battle for the FTSE 250 company.

Commenting on the acquisition, Sir Stephen Hester, easyJet's Non-Executive Chair, said: “We've strengthened our network, continued to improve operational performance and built a differentiated and fast-growing holidays business while achieving strong customer satisfaction and high employee engagement.

“The easyJet board has carefully evaluated the proposal from Apollo alongside easyJet's standalone prospects. While we remain confident in the strength of our business and the opportunities ahead, we believe this offer appropriately recognises the quality of the business we have built and delivers immediate, certain and attractive value for shareholders.”

Kenton Jarvis, easyJet Chief Executive, added: “We welcome Apollo's commitment to our business and our people, and believe that its experience in the aviation sector makes it a strong partner for easyJet as we accelerate our growth plans and continue to deliver great value and service for our customers.”

Alex van Hoek, Partner and European Private Equity Lead at Apollo, said: “Apollo strongly supports easyJet's commitment to enhancing the connectivity of travellers throughout Europe and the UK and the important role that its employees play in serving customers. 

"We are proud to be trusted to play a lead role supporting the easyJet Group in this next phase of its growth and furthering its important contribution to the European and UK aviation sectors.”