January 3, 2019 / 12:12 PM / 16 days ago

KKR to acquire 50 percent stake in Altavair and create leased aircraft portfolio

(Reuters) - U.S. private equity giant KKR & Co Inc (KKR.N) said on Thursday it will acquire a 50 percent stake in Seattle-based aircraft leasing company Altavair AirFinance and make a $1 billion capital commitment to create a portfolio of leased commercial aircraft with partner.

KKR’s initial investment will go toward the acquisition of six cargo aircraft on long-term lease, the companies said in a statement reut.rs/2SwN0lu.

The investment firm will make the $1 billion investment mainly from its credit and infrastructure funds.

Altavair has leasing partnerships with 44 airlines, including Singapore Airlines (SIAL.SI), Qatar Airways, Delta Air Lines (DAL.N), Air China (601111.SS), and India’s Jet Airways (JET.NS).

KKR was advised by Simpson Thacher & Bartlett. Altavair was advised by Milbank.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli

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