Apollo Global Management Inc's (NYSE:APO) backed aviation lending platform, PK Airfinance, disclosed a deal to acquire most of the secured aviation loans portfolio worth $920 million from Standard Chartered PLC (OTC:SCBFY).

On the other hand, Apollo will buy the rest of the portfolio. The loan sale and transfer transaction is expected to close by the end of 2023, subject to customary closing conditions.

"We are pleased to announce this transaction with Standard Chartered and to add significant scale and airline reach to our aviation finance businesses. This transaction is another example of our ability to provide large, bespoke capital solutions to a broad range of market participants across the global aviation industry," said Gary Rothschild, Partner and Head of Aviation Finance.

Apollo's aviation business, including the PK Airfinance platform, possesses over $40 billion of commitments year to date and a current loan portfolio of $4 billion, serving over 80 borrowers across more than 40 countries.

As of Q2 FY23, cash and cash equivalents stood at $1.47 billion.

Last week, APO said that Apollo-managed funds (the Apollo Funds) had acquired a majority interest in Composite Advanced Technologies, Inc (CATEC) for an undisclosed term. 

Price Action: APO shares are trading higher by 0.37% at $83.46 on the last check Monday.