6 January 2020
- Christopher Hardisty, Sharis A. Pozen, Marc Besen, Hendrik Kühn, Katharine Missenden, Michael Van Arsdall, Steve Jacoby, Udo Prinz, Louis Mamère, Nina Aymé
Clifford Chance advises GE Capital on the sale of PK AirFinance and its $3.6 billion aviation loan book
International law firm Clifford Chance has advised GE Capital, the financial services arm of GE, on the sale of the PK AirFinance aviation lending business to Apollo Global Management (together with its consolidated subsidiaries) and Athene Holding Ltd.
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. Substantially all of the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold in the transaction, at a premium to book value. Financial details of the transaction are not being disclosed, although closing of the deal in December 2019 represented receipt by GE of more than 90% of agreed proceeds (with the transfer of the remaining portion of the business deferred pending certain regulatory and other conditions).
Clifford Chance advised on the transfer of the aviation loan book assets and on global antitrust matters, as well as on Luxembourg and Japanese financial regulatory and corporate law aspects of the deal. Clifford Chance also provided guidance with non-US employment and data protection matters.
The multinational team was led from London by William Glaister, supported by Chris Hardisty and James McNicol, with the antitrust aspects led by Sharis Pozen (Washington DC) and Marc Besen (Düsseldorf), supported by Hendrik Kühn (Düsseldorf), Jim Back and Katharine Missenden (Brussels) and Michael Van Arsdall and Esther Lee (Washington DC). Luxembourg advice was led by Steve Jacoby, supported by Udo Prinz on the regulatory side and Louis Mamère on the corporate side. Japanese advice was led by Tatsuhiko Kamiyama and Akihiko Takamatsu, supported by Yasuaki Dote and Hisao Ito.