Aug 6 (Reuters) - Apollo Global has agreed to buy European budget airline easyJet in a deal that values the carrier at about £5.7 billion ($7.7 billion), the companies said on Thursday, as rival suitor Castlelake abandoned its pursuit.

Here is a look at the airline's 31-year history:

1995

Stelios Haji-Ioannou founds easyJet and launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.

2000

EasyJet ( EJTTF ) lists in London at a £777 million valuation.

2009-2010

EasyJet ( EJTTF ) considers scaling back fleet growth amid the global economic downturn. Founder Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management.

2020

COVID-19 forces 4,500 job cuts and shrinking of fleet.

2021

Rejects takeover approach from rival Wizz Air ( WZZAF ), raises $1.7 billion from existing shareholders.

FEBRUARY 28, 2026

Iran conflict begins, hurting airlines globally. EasyJet ( EJTTF ) warns of higher fares, fuel shortages.

MAY 29, 2026

Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. EasyJet ( EJTTF ) calls Castlelake's timing "highly opportunistic".

JUNE 22, 2026

Castlelake goes public with £6.25 a share offer and says the structure would satisfy EU ownership rules. Bid follows two private £5.60 and £6.00 per share proposals. All three are rejected by easyJet, which calls the latest one "cheap".

JULY 5, 2026

EasyJet ( EJTTF ) and Castlelake announce a deal in principle at £6.90 a share after a fourth £6.50 a share is rejected. The agreed bid values the airline at £5.5 billion on a fully diluted basis.

JULY 10, 2026

Apollo joins the fray! EasyJet ( EJTTF ) agrees in principle to a higher £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending its shares up as much as 15%.

JULY 22, 2026

EasyJet ( EJTTF ) shares tumble after Reuters reports that the European Union may tighten airline ownership rules, potentially complicating the takeover bids for the airline.

AUGUST 6, 2026

Apollo agrees $7.7 billion takeover that is backed by Stelios and the Haji-Ioannou family after Castlelake bows out.

($1 = £0.7424)