(RTTNews) - Apollo Global Management, LLC (APO), and Athene Holding Ltd. (ATH) have agreed to buy PK AirFinance, an aviation lending business, from GECAS, a unit of GE Capital. Under the terms of the deal, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance's loans. The completion of the deal is anticipated during the fourth quarter of 2019.
PK AirFinance is an aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally.
Alec Burger, GE Capital CEO, said, "The sale is aligned to GE Capital's overall strategy to become smaller and simpler, and our commitment to reduce our assets by $10 billion in 2019 is now more than halfway complete. We continue to focus on shrinking GE Capital's balance sheet, achieving a debt-to-equity ratio of less than 4x by 2020."