5/20/2022, 9:35 AM (Source: TeleTrader)
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Apollo, Air France-KLM start talks about €500M investment

Air France–KLM Group announced it has entered discussions with Apollo Global Management Inc. about the injection of €500 million of capital into the airline company.

"The proceeds of the transaction would enable Air France-KLM and Air France to partially redeem the French State perpetual bonds, in accordance with the European Commission's 'Temporary Framework for State aid measures to support the economy in the current Covid-19 outbreak,' as well as facilitate the financing of future spare engine acquisitions under Air France's fleet renewal program," the company's statement read.

Earlier this month, Air France-KLM revealed its revenue in the first quarter of 2022 advanced by 104.4% to €4.44 billion despite the occurrences such as the outbreak of the Omicron strain of COVID-19 and Russia's military intervention in Ukraine.

Baha Breaking News (BBN) / JR