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Funds Managed by Affiliates of Apollo Global Management to Acquire Sun Country Airlines.

M2 EQUITYBITES-December 15, 2017-Funds Managed by Affiliates of Apollo Global Management to Acquire Sun Country Airlines


15 December 2017 - Funds affiliated with US-based alternative investment manager Apollo Global Management, LLC (NYSE: APO) have signed a definitive agreement to acquire US-based air carrier Sun Country Airlines from brothers Marty and Mitch Davis, the firm said.

The transaction, which is subject to regulatory approvals and other customary conditions, is targeted to close during 1Q18.

Terms of the deal were not disclosed.

Sun Country, based in Minnesota, flies passengers to leisure destinations across the US and internationally and specializes in flying from cold weather locales to warm weather destinations.

The company, which currently flies approximately 2.5m passengers per year, enjoys significant brand presence in the Minnesota region and greatly values its connection to the local community.

Barclays served as financial adviser to Sun Country Airlines on this transaction.

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai.

The firm had assets under management of approximately USD 242bn as of September 30, 2017 in Private Equity, Credit and Real Assets invested across a core group of nine industries where Apollo has considerable knowledge and resources.

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Publication:M2 EquityBites (EQB)
Date:Dec 15, 2017
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