Apollo Global Management Inc is reportedly close to acquiring Atlantic Aviation from fellow private equity firm KKR & Co, in a deal that could value the US private jet services provider at nearly $10bn, according to a report by Bloomberg.
The reports cites unnamed sources familiar with the matter as highlighting that the investment would see Apollo partnering with Singapore’s sovereign wealth fund, GIC Pte, to take a majority stake, while KKR plans to inject additional capital to maintain a significant ownership position.
The transaction, which should be announced as soon as next week, would represent a high-profile exit for KKR after it acquired the business from Macquarie Infrastructure for around $4.5bn in 2021. The deal though is still subject to potential last-minute changes, according to Bloomberg’s sources and KKR could ultimately decide not to proceed with the sale.
Representatives for KKR and Apollo reportedly declined to comment, while Atlantic Aviation and GIC did not immediately respond to Bloomberg’s requests for comment.
KKR completed another high-profile exit earlier this month, selling cooling technology company CoolIT Systems to Ecolab Inc for $4.75bn, roughly 15 times the equity it initially invested in 2023, and highlighting the firm’s ability to generate strong returns amid a challenging fundraising environment for peers.
Atlantic Aviation operates over 100 fixed-base operations across the United States, offering services such as fuelling, de-icing, maintenance, and passenger concierge support for private jets. The company also leases hangar and office space to clients, according to its website.
