WASHINGTON (dpa-AFX) - Apollo Global Management, Inc. (APO) and KKR & Co. Inc. (KKR) announced on Thursday that they have entered into a strategic partnership to support the continued growth of Atlantic Aviation.
Under the transaction, Apollo-managed funds acquired a significant interest in the company, while KKR-managed funds remain a substantial shareholder. The deal values Atlantic Aviation at nearly $10 billion.
Atlantic Aviation provides fixed-base operator services across U.S. airports, including fueling, hangar leasing and other essential aviation infrastructure.
The company operates under long-term airport concession agreements and has expanded its footprint through acquisitions and organic growth since KKR's 2021 purchase.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds. Evercore and Morgan Stanley & Co. LLC served as financial advisors and Kirkland & Ellis served as legal advisor to KKR.
In pre-market activity on the NYSE, shares of KKR were down 0.57 percent, changing hands at $107.88, after closing Wednesday's regular session 0.86 percent higher.
Apollo shares fell 0.13 percent to $133.50 in pre market trading on the NYSE, after ending Wednesday's regular session 0.37 percent higher.
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