APO - Apollo to provide up to EUR 1.5 billion High Grade Capital Solution to an Air France-KLM operating affiliate supported by commercial partner contracts of its Flying Blue loyalty program | Benzinga
NEW YORK, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Apollo (NYSE:APO) today announced the signing of an agreement for Apollo-managed affiliated entities, funds and clients to invest up to €1.5 billion into an Air France-KLM (PAR: AF FP) operating affiliate holding the trademark and most of the commercial partners contracts related to Air France and KLM's joint loyalty program (Flying Blue). Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.
The inaugural European loyalty program financing transaction will provide Air France-KLM with a capital solution to further strengthen its balance sheet and enhance Flying Blue's scalability and growth prospects. This financing is the third transaction between Apollo and Air France-KLM within the last 18 months.
Apollo Partner Jamshid Ehsani said, "Apollo is pleased to continue to serve as a capital ...