Apollo to Acquire Co-Controlling Stake in Atlantic Aviation at Nearly $10 Billion Valuation

Apollo Global Management (NYSE:APO) is acquiring a co-controlling stake in the private jet services provider Atlantic Aviation from KKR & Co. (NYSE:KKR), the investment firms announced. The transaction values Atlantic Aviation at nearly $10 billion.

Transaction Details

Under the terms of the agreement, funds managed by Apollo will acquire a significant interest in the fixed-base operator (FBO). KKR, which acquired Atlantic Aviation in 2021, will retain a substantial shareholding in the company, with both firms now holding a co-controlling stake.

Atlantic Aviation is a leading provider of FBO services in the United States. The company supports corporate and general aviation customers with essential services including aircraft fueling, hangar leasing, and other ground-based support, operating under long-term concession agreements at key airports.

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Strategic Context

Since its acquisition by KKR, Atlantic Aviation has expanded its footprint through both strategic acquisitions and organic growth across the U.S. and some international locations. The deal marks a significant investment for Apollo, whose funds have originated over $155 billion in infrastructure transactions in the past five years across sectors like transportation, energy, and digital infrastructure.

For KKR, the transaction allows it to realize value while remaining a key investor. The firm's infrastructure business manages over $120 billion in assets and has a deep history in the aviation sector, having invested more than $12 billion across the industry since 2015.