Air France: E1.5bn funding with Apollo
(CercleFinance.com) - Air France-KLM and Apollo Global Management announce the upward revision and completion of a quasi-equity funding of 1.
5 billion euros.
Following the signature on 26 October 2023 of a definitive agreement between Air France-KLM and Apollo concerning the financing of a dedicated operating subsidiary of Air France-KLM, the companies announce today that they have completed the transaction for a total upwardly revised amount of 1.5 billion euros.
This financing, by funds and entities managed by Apollo, is intended for an Air France-KLM operating subsidiary which owns the brand and most of the contracts of the commercial partners linked to the joint Air France and KLM frequent flyer program (Flying Blue), as well as the exclusive right to issue 'Miles' for the airlines and their partners.
This transaction will enable the Group to restore its IFRS equity to a positive level by the end of the year.
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