Apollo Global Management has acquired a co-controlling stake in Atlantic Aviation from KKR & Co., in a deal that values the private jet infrastructure company at nearly $10 billion, more than double what KKR paid for it in 2021.
Atlantic Aviation operates as a fixed-base operator (FBO), essentially the full-service gas station and concierge for private and general aviation. Across more than 100 US airports, it provides fueling, deicing, hangar leasing, maintenance, and passenger concierge services through long-term airport concession agreements.
KKR originally acquired the company from Macquarie Infrastructure for approximately $4.5 billion in 2021. Since then, Atlantic has expanded its footprint through acquisitions and organic growth, more than doubling in value. KKR is retaining a significant stake in the business following this transaction.
Apollo is partnering with GIC, Singapore's sovereign wealth fund led by CEO Lim Chow Kiat, to acquire the majority stake. GIC manages roughly $936 billion in assets as of May 2026.
"The private aviation market has structural tailwinds that we believe will persist, and Atlantic is well positioned to capture that growth," said David Cohen, partner at Apollo.
This deal isn't an isolated bet. In 2021, Blackstone and Global Infrastructure Partners teamed up to acquire Signature Aviation, one of Atlantic's largest competitors, for $4.7 billion. More recently, Bain Capital launched JB Aircraft Finance, a corporate jet leasing platform, and KKR itself backed BOND, a fractional private aircraft ownership startup, with $320 million in financing.
Analysts point to what they call the "K-shaped economy," wealthier individuals and institutions increasingly turning to private aviation, as the structural driver behind PE's growing appetite for the infrastructure that supports it.
Paul, Weiss advised Apollo on the deal. KKR worked with Evercore and Morgan Stanley as financial advisors, and Kirkland & Ellis as legal counsel.