Apollo Global Management, Athene Holding and GE Capital closed their previously announced transaction for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GECAS, GE Capital’s Aviation Services unit.

In connection with this transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene has acquired PK AirFinance’s existing portfolio of loans.

PK AirFinance is an aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Substantially all the $3.6 billion of PK AirFinance financing receivables that were held for sale in Q2/19 are being sold in the transaction, at a premium to book value.

Financial details of the transaction are not being disclosed, although this close represents receipt by GE of more than 90% of agreed proceeds. The transfer of the remaining portion of the business is deferred pending certain regulatory and other conditions and is expected to be completed in the first half of 2020.