Key Takeaways
- • Apollo and KKR announced a strategic partnership valuing Atlantic Aviation at nearly $10 billion, representing more than a doubling of the company's valuation since KKR's 2021 acquisition.
- • Apollo acquires a co-controlling stake in the private aviation infrastructure platform, positioning the two mega-cap PE firms as equal partners in the FBO (Fixed Base Operator) network operator.
- • Atlantic Aviation provides mission-critical infrastructure services including aircraft fueling, hangar leasing, and essential aviation support across its network, addressing a high-barrier-to-entry segment of private aviation.
- • Legal advisors on the transaction: Kirkland & Ellis LLP representing KKR and Paul Weiss Rifkind Wharton & Garrison LLP representing Apollo, signaling a complex, institutional-grade deal structure.
- • The deal reflects significant PE capital deployment into aviation infrastructure, a defensive, recurring-revenue business model with limited supply constraints and steady demand from high-net-worth aviation users.
Summary
Private equity heavyweights KKR and Apollo Global Management announced a landmark strategic partnership on August 27, 2026, to jointly control Atlantic Aviation, a leading private aviation infrastructure platform, in a transaction valuing the company at approximately $10 billion. The deal transforms Atlantic Aviation into a co-owned asset managed by two of the world's largest alternative asset managers, each commanding substantial dry powder and operational expertise in infrastructure investments.
KKR originally acquired Atlantic Aviation in 2021, and this latest transaction marks a significant step-up in valuation—nearly doubling the company's worth in less than five years. Apollo's entry as a co-controlling partner signals growing institutional appetite for aviation infrastructure assets, which generate stable, recurring revenue streams from high-conviction customer bases. The strategic nature of the partnership, rather than a pure asset sale, suggests both firms believe in the platform's continued growth trajectory and want aligned incentives for value creation.
Atlantic Aviation operates a network of Fixed Base Operator (FBO) facilities providing essential aviation services including aircraft fueling, hangar leasing, maintenance support, and other mission-critical infrastructure to private aviation users. These operations benefit from high barriers to entry, limited real estate availability, and steady demand from affluent individuals and corporate aviation programs. The recurring revenue model and essential nature of services position FBO networks as inflation-resistant, fee-generating assets attractive to long-term institutional capital.
The transaction is being advised by top-tier legal counsel, with Kirkland & Ellis LLP representing KKR and Paul Weiss Rifkind Wharton & Garrison LLP representing Apollo, underscoring the deal's complexity and scale. The $10 billion valuation reflects confidence in Atlantic Aviation's market position and the robust demand dynamics within private aviation infrastructure, a subsector that has benefited from wealth concentration and increased private travel adoption among high-net-worth individuals.
KKR originally acquired Atlantic Aviation in 2021, and this latest transaction marks a significant step-up in valuation—nearly doubling the company's worth in less than five years. Apollo's entry as a co-controlling partner signals growing institutional appetite for aviation infrastructure assets, which generate stable, recurring revenue streams from high-conviction customer bases. The strategic nature of the partnership, rather than a pure asset sale, suggests both firms believe in the platform's continued growth trajectory and want aligned incentives for value creation.
Atlantic Aviation operates a network of Fixed Base Operator (FBO) facilities providing essential aviation services including aircraft fueling, hangar leasing, maintenance support, and other mission-critical infrastructure to private aviation users. These operations benefit from high barriers to entry, limited real estate availability, and steady demand from affluent individuals and corporate aviation programs. The recurring revenue model and essential nature of services position FBO networks as inflation-resistant, fee-generating assets attractive to long-term institutional capital.
The transaction is being advised by top-tier legal counsel, with Kirkland & Ellis LLP representing KKR and Paul Weiss Rifkind Wharton & Garrison LLP representing Apollo, underscoring the deal's complexity and scale. The $10 billion valuation reflects confidence in Atlantic Aviation's market position and the robust demand dynamics within private aviation infrastructure, a subsector that has benefited from wealth concentration and increased private travel adoption among high-net-worth individuals.
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