Apollo Global Management made a $7.65 billion all-cash bid for easyJet at £7.15 per share, topping Castlelake's £6.90 offer and sending shares up 15%.

Apollo has agreed to buy budget airline Easyjet, in a shock bid that usurped a flurry of offers from alternatives asset manager Castlelake

A bidding war has broken out for budget carrier easyJet after Apollo and Castlelake have both submitted takeover offers.

US private equity firm Apollo has made a higher offer for EasyJet. This new bid surpasses Castlelake's previous proposal for the British airline. EasyJet's board now favors…

The airline said it had reached an agreement in principle for an offer worth £7.15 per share