Funds affiliated with Apollo Global Management, LLC (NYSE: APO) has announced that it has signed a definitive agreement to acquire Sun Country Airlines, the largest privately held fully independent airline in the United States, from brothers Marty and Mitch Davis, the company said.
The transaction, which is subject to regulatory approvals and other customary conditions, is targeted to close during the first quarter of 2018.
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 2.5 million 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 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. Apollo had assets under management (AUM) of approximately USD 242 billion 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. For more information about Apollo, visit www.agm.com.