Press Release

Kirkland Represents Apollo in Acquisition With Athene of PK AirFinance From GECAS

Kirkland & Ellis represented Apollo Global Management (NYSE: APO) in its definitive agreement with Athene Holding (NYSE: ATH) to purchase PK AirFinance, a leading aviation lending business, from GE Capital’s Aviation Services unit. GE Capital is the financial services arm of GE (NYSE: GE). In connection with this transaction, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance’s existing portfolio of loans. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction.

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The Kirkland team was led by transactional partners Chris Torrente and Neal J. Reenan, and associate Lukas Richards.