Apollo announced the close of an agreement for Apollo-managed funds and affiliated entities to make a €500m investment into an Air France operating affiliate owning a pool of spare engines dedicated to the airline’s Engineering and Maintenance activities. Air France is a fully owned subsidiary of Air France-KLM.
The bespoke transaction, part of Apollo’s high-grade partnerships, was a unique opportunity to provide one of the world’s leading airlines with a custom, asset-backed capital solution to deleverage and improve its borrowing costs. Apollo leveraged cross-platform expertise, including in aviation, asset-backed finance and multi-asset credit to execute the long-term investment.
Milbank LLP and Jeantet served as legal counsel to the Apollo Funds. Deutsche Bank AG and Skadden, Arps, Slate, Meagher & Flom LLP acted as exclusive financial and legal advisors, respectively, to Air France-KLM.
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