FBO Chain Atlantic Aviation Expected To Change Hands

Investment firm Apollo Global Management is nearing the purchase of a majority stake in Atlantic Aviation in a multibillion-dollar deal from rival KKR, according to reports. Atlantic is the world’s second-largest FBO chain, with facilities at more than 100 locations in the U.S. and Caribbean. Apollo—founded in 1990 and with offices in New York, London, and Singapore—is expected to soon complete the transaction in cooperation with Singapore-based sovereign wealth fund GIC.

KKR purchased the FBO chain in 2021 from longtime owner Macquarie Infrastructure in a deal worth $4.475 billion, including approximately $1 billion in assumed debt. Bloomberg noted that this latest transaction, just five years later, could value the company at more than double that price.

Atlantic had reportedly been on the market since last year, and the report stated that the deal could take place as early as next week, barring any unforeseen delays. Both KKR and Apollo declined to provide AIN with a comment on the pending transaction.