Easyjet shareholders are expected to approve Apollo's £5.7bn takeover bid at a vote on Wednesday, sealing the budget carrier's departure from the London Stock Exchange after 26 years as a public company. The decision closes a three-month chapter that began when the New York private markets firm prevailed in a bidding war against US rival Castlelake.

The board approved Apollo's £5.7bn offer in August, weeks after Easyjet had rejected a succession of lower bids from Minneapolis-headquartered Castlelake. The winning proposal values Easyjet's shares at 715p each.

What does the vote mean for Easyjet?

Approval on Wednesday would mark the final step in Easyjet's life as a listed company, 26 years after it floated in London in 2000. Founder Stelios Haji-Ioannou has endorsed the offer and will roll his own stake into the new ownership vehicle.

One person close to the deal said they did not expect "any fireworks" at the shareholder vote. A second source pointed to a simple arithmetic behind the confidence: Apollo's bid exceeded the 700p-a-share hurdle that investors had been holding out for when the buyout giant's interest first emerged.

The road to Wednesday's vote was contested. Castlelake had a preliminary £5.5bn offer accepted by the FTSE 250 carrier after several earlier proposals were rejected. Apollo trumped that bid within days, prompting the board to withdraw its support for Castlelake and back the higher offer.

What are the terms for shareholders who stay?

Under the deal structure, Easyjet's current shareholders will have the opportunity to roll their shares into the newly formed ownership entity. A City AM analysis of the takeover documents found the choice carries risks: investors who opt to retain a stake risk having it seized from them unilaterally, and are highly unlikely to receive a dividend.

Haji-Ioannou, the airline's founder and its most prominent backer of the transaction, is the highest-profile shareholder choosing that route. His continued involvement also forms part of Apollo's argument to European regulators.

What happens to jobs before and after the takeover?

Apollo has committed to avoid any job cuts for a full year after the deal completes. Easyjet itself is planning a wave of redundancies before the transaction closes, according to City AM reporting, as it seeks to reduce costs amid the ongoing Iran conflict.

The timing places the bulk of the workforce reduction ahead of Apollo's no-cuts pledge, which only takes effect once the deal is tied up.

Why is EU approval still outstanding?

Shareholder approval is not the final regulatory hurdle. EU regulators have yet to sanction the transaction, amid speculation over whether Apollo can satisfy the bloc's strict airline ownership rules. Under European Commission rules, airlines must be majority-owned and controlled by European citizens.

Apollo has previously pointed to two mechanisms to address the concern: Haji-Ioannou's continued involvement in the business, combined with a move to place five per cent of its own stake into an EU trust.

Neither structure has yet won formal clearance from Brussels, leaving the transaction's completion timeline dependent on the European regulator even after Wednesday's vote.

Easyjet and Apollo both declined to comment.

The numbers at a glance:

• £5.7bn — the value of Apollo's approved offer for Easyjet
• 715p per share — the price Apollo bid, above the 700p threshold investors had demanded
• £5.5bn — the value of Castlelake's preliminary offer, accepted then abandoned after Apollo's counterbid
• 26 years — Easyjet's tenure on the London Stock Exchange since its 2000 listing
• One year — the duration of Apollo's post-completion commitment to avoid job cuts
• Five per cent — the share of Apollo's stake to be placed into an EU trust for regulatory purposes