Apollo Global Management and Athene acquire PK AirFinance from GECAS

Apollo Global Management, Athene Holding and GE Capital announced (12-Dec-2019) the closure of their previously announced transaction for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GECAS. In connection with this transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene has acquired PK AirFinance's existing portfolio of loans. Details of the transaction include:

• All of the USD3.6 billion of PK AirFinance financing receivables that were held for sale in 2Q2019 are being sold in the transaction, at a premium to book value;
• Deal close represents receipt by GE of more than 90% of agreed transaction proceeds;
• The transfer of the remaining portion of the business is deferred pending certain regulatory and other conditions and is expected to be completed in 1H2020. [more - original PR]