Apollo and Athene Close the Acquisition of GE Capital’s PK AirFinance Debt Business

NEW YORK – December 12, 2019 – Apollo Global Management, Inc. (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO); Athene Holding Ltd. (together with its consolidated subsidiaries, “Athene”) (NYSE: ATH); and GE Capital, the financial services arm of GE (NYSE: GE), today announced they have closed their previously announced transaction for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GECAS, GE Capital’s Aviation Services unit.  In connection with this transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene has acquired PK AirFinance’s existing portfolio of loans.

PK AirFinance is a leading aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Substantially all of the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold in the transaction, at a premium to book value.

Financial details of the transaction are not being disclosed, although today’s close represents receipt by GE of more than 90% of agreed proceeds. The transfer of the remaining portion of the business is deferred pending certain regulatory and other conditions and is expected to be completed in the first half of 2020.