EasyJet has agreed to be taken over in a £5.7bn deal by US firm Apollo. The deal was announced after rival suitor Castlelake said it was dropping out of the bid battle for the no-frills airline. It was founded by Sir Stelios Haji-Ioannou in 1995 to offer cheap air fares to Europe from the UK. EasyJet accepted an offer from Apollo of £7.15 per share, which trumped Castlelake’s final offer of £6.90 per share. EasyJet chief executive Kenton Jarvis said “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.”