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Carlyle Group acquiring Apollo Aviation Group

Asset manager Carlyle Group LP is acquiring Apollo Aviation Group LLC, an institutional investment manager focusing on the aviation industry.

Financial terms of the deal were not disclosed.

Upon closing of the deal, which is expected no later than Jan. 31, 2019, Apollo Aviation will become Carlyle Aviation Partners Ltd.

Bill Hoffman and Robert Korn, founders of Apollo Aviation, will lead Carlyle Aviation, which will operate within Carlyle's global credit segment.

Apollo Aviation has $5.6 billion in assets under management as of Sept. 30. It was advised by Milbank Tweed Hadley & McCloy LLP and Goldman Sachs & Co. LLC.