Bankers and advisers involved in Apollo’s £5.7 billion takeover of easyJet are expected to receive a combined fee of £334 million, marking one of the most lucrative deals in the City this year. Apollo will cover the majority of these costs, paying £280 million to advisors including lawyers, bankers, and public relations firms, with £190 million allocated specifically for financing arrangements. EasyJet itself is set to pay approximately £54 million, according to documents released recently.

Financial advice to Apollo was provided by Barclays, PJT Partners, and Citigroup, supported by communications firm FGS and legal counsel from Paul Weiss. EasyJet’s advisers included Evercore’s Simon Robey and Simon Warshaw, bankers from BNP Paribas, Panmure Liberum, and Peel Hunt, communications advisers Teneo, and lawyers at Clifford Chance.

Apollo’s acquisition this summer outpaced rival bids from private credit group Castlelake, which had engaged in talks with the airline over several weeks before Apollo submitted its winning offer. Following the deal, easyJet will be delisted from the stock market after more than 20 years as a public company, with Apollo aiming to reposition the airline as a more upscale carrier and improve its financial performance.

However, the acquisition must adhere to EU ownership rules that mandate majority control and ownership to remain within the European Union. Apollo, a US-based private equity firm, has had to design a governance structure to comply with these regulatory requirements. The latest scheme document reveals a revision to easyJet’s board composition intended to limit Apollo’s influence over company decisions. Initially, Apollo planned to appoint nine directors, including a chairperson with a casting vote. The updated proposal calls for a board of 10 members, with Apollo appointing four members and shareholders appointing two. This adjustment is expected to enhance compliance with ownership regulations and increase the involvement of Sir Stelios Haji-Ioannou, easyJet’s founder and largest shareholder.

Sir Stelios is anticipated to retain his family’s 15 percent stake by rolling it into the private company, where his shareholding would rise to between 45.1 percent and 49.9 percent. This substantial holding would grant him the right to appoint two board members.

The fees associated with the transaction contribute to a broader increase in revenues for dealmakers amid a busy year for mergers and acquisitions. The easyJet-related fees are just below the previous peak of over £370 million paid after EQT’s takeover of Intertek. According to London Stock Exchange Group data, investment banks globally have earned an estimated $115.6 billion in fees through the third quarter of this year, representing an 11 percent increase from the prior year and approaching the record set in 2021.