Easyjet has agreed to a takeover by private equity giant Apollo in a deal worth £5.7billion, concluding a long-running bidding war for the budget airline. The announcement came after Castlelake, another US firm which had made several offers for Easyjet, pulled out of the race. Easyjet shares have gained over 30 per cent since Castlelake made its first offer, and gained a further 3 per cent following the announcement. In early July, the company offered Easyjet a £5.5bn takeover offer which the airline’s board said they were ‘minded to recommend’ after previously rejecting four previous offers for being ‘highly opportunistic.’ Sir Stelios Haji-Ioannou, founder of Easyjet, said: 'I am pleased with Apollo’s strategic intentions for the easyJet business, which aim to create more growth.