Apollo Nears $10 Billion Deal to Acquire Atlantic Aviation from KKR; GIC to Co-Invest

Apollo is nearing a $10 billion acquisition of Atlantic Aviation, a major private jet services operator, from KKR, with Singapore's GIC also investing.

This large-scale deal is made possible by Apollo's massive financial power, particularly the "permanent capital" from its insurance affiliate Athene, allowing it to fund major acquisitions even in a high-interest-rate environment.

The acquisition is supported by strong fundamentals in the business aviation market, with record demand for private jets, which ensures stable revenue for Atlantic Aviation's services like fueling and hangarage.

Apollo Global Management is set to acquire a majority stake in Atlantic Aviation, a premier private jet services provider, in a deal valued at approximately $10 billion.

This massive transaction is primarily powered by Apollo's immense financial strength. Through its insurance affiliate Athene, Apollo has access to what's known as 'permanent capital'—a stable, long-term source of funds. This allows it to pursue large-scale acquisitions without relying on volatile public markets, a significant advantage in today's high-interest-rate environment. With assets under management (AUM) soaring past $900 billion, Apollo has the firepower to anchor such a monumental deal.

The timing is also driven by the booming business aviation sector. Demand for private jet travel has been remarkably resilient, hitting near-record levels in late 2025. This robust activity directly translates into steady, predictable revenue for Atlantic Aviation, which operates a network of over 100 fixed-base operators (FBOs). These facilities provide essential services like fueling, hangar storage, and maintenance, making them critical infrastructure in the aviation ecosystem.

KKR, the seller, is poised to realize a substantial return. After acquiring Atlantic for $4.475 billion in 2021, KKR strategically expanded its footprint by merging it with Ross Aviation. The rumored $10 billion sale price reflects this growth and the premium placed on large, well-run infrastructure assets. This valuation aligns with precedent transactions in the sector, such as the take-private of Signature Aviation.

Interestingly, this deal appears to be more of a strategic partnership than a simple exit. Apollo and KKR have recently collaborated on other large financing deals, suggesting a strong working relationship that reduces execution risk. However, the transaction isn't without complexity. It will require numerous approvals from local airport authorities to transfer leases. Furthermore, the participation of Singapore's sovereign wealth fund, GIC, will likely trigger a national security review by CFIUS, which could add time and complexity to the closing process.

FBO (Fixed-Base Operator): A company that provides aeronautical services like fueling, hangarage, and maintenance at an airport.
Permanent Capital: Long-term capital from sources like insurance companies that doesn't have to be returned to investors on a fixed timeline, giving firms more flexibility for large, long-term investments.
CFIUS (Committee on Foreign Investment in the United States): A U.S. government committee that reviews transactions involving foreign investment to determine their effect on national security.

Apollo Nears $10 Billion Deal to Acquire Atlantic Aviation from KKR; GIC to Co-Invest

Apollo is nearing a $10 billion acquisition of Atlantic Aviation, a major private jet services operator, from KKR, with Singapore's GIC also investing.

Apollo Global Management is set to acquire a majority stake in Atlantic Aviation, a premier private jet services provider, in a deal valued at approximately $10 billion.

FBO (Fixed-Base Operator): A company that provides aeronautical services like fueling, hangarage, and maintenance at an airport.
Permanent Capital: Long-term capital from sources like insurance companies that doesn't have to be returned to investors on a fixed timeline, giving firms more flexibility for large, long-term investments.
CFIUS (Committee on Foreign Investment in the United States): A U.S. government committee that reviews transactions involving foreign investment to determine their effect on national security.