Apollo Global Management Inc. and Athene Holding Ltd. completed their acquisition of aviation lending business PK AirFinance SA from GE Capital Aviation Services Inc.
In connection with the deal, Apollo has purchased the PK AirFinance aircraft lending platform, while Athene has bought PK AirFinance's current loans portfolio.
Substantially all of the $3.6 billion of PK AirFinance financing receivables held for sale in the second quarter were sold at a premium to book value.
Financial details of the transaction were not disclosed. The closing of the deal represents GE Capital Aviation parent General Electric Co.'s receipt of over 90% of the proceeds. The transfer of the remaining portion of the business is expected to be completed in the first half of 2020, pending certain regulatory and other conditions.