Business Aviation
Apollo Nears $10 Billion Deal for KKR’s Atlantic Aviation Stake
Apollo Global Management is set to acquire a majority stake in Atlantic Aviation from KKR, valuing the FBO network at nearly $10 billion.

This article summarizes reporting by Bloomberg and journalists David Carnevali and Ryan Gould.
Apollo Global Management is reportedly in advanced discussions to acquire a majority stake in Atlantic Aviation from KKR & Co. According to reporting by Bloomberg, the prospective transaction would place a massive valuation on the fixed-base operator (FBO) network. As noted in the original report, the firms are nearing:
…a transaction that would value the private jet fixed-base operator at almost $10 billion…
The potential deal highlights the continued surge of institutional capital into aviation infrastructure. Supplementary industry research indicates that Apollo is partnering with Singapore’s sovereign wealth fund, GIC Pte, to execute the buyout. Meanwhile, KKR is not fully exiting the business; the firm reportedly plans to reinvest and maintain a significant minority stake in the company.
If finalized, an official announcement could arrive as early as the first week of April 2026. However, sources caution that KKR retains the option to walk away from the negotiations and hold onto the asset.
The Evolution of Atlantic Aviation
Atlantic Aviation operates one of the largest FBO networks globally, providing essential ground handling, fueling, and corporate flight support for private and business aviation. Under the leadership of CEO Jeff Foland, the company has grown its footprint to over 100 campuses across North America and the Caribbean.
This growth has been accelerated by a string of recent acquisitions. In late 2025, Atlantic expanded its reach by acquiring the ExecuJet FBO in St. Maarten, Cedar Aviation Services in Bermuda, and the Jet Center at Santa Fe in New Mexico, alongside a new location at Glacier Park International Airport in Montana.
A Lucrative Return for KKR
KKR originally acquired Atlantic Aviation from Macquarie Infrastructure Corporation in the fourth quarter of 2021. At the time, KKR paid $4.475 billion, representing a 16.2 multiple of the company’s 2019 EBITDA, for a network that consisted of 69 locations.
Based on the reported $10 billion valuation, KKR has effectively doubled the value of its investment in less than five years. The decision to roll over equity suggests that KKR continues to see substantial long-term upside in the FBO market.
Infrastructure and the Future of Flight
The appeal of FBO networks to private equity and sovereign wealth funds lies in their infrastructure-like characteristics. These assets offer high barriers to entry, consistent cash flows, and a captive customer base. This trend was previously underscored by the 2021 acquisitions of Atlantic’s primary rival, Signature Aviation, by Blackstone and Global Infrastructure Partners for $4.7 billion.
Pioneering Advanced Air Mobility
Beyond traditional private jet services, Atlantic Aviation has aggressively positioned itself at the forefront of the electric aviation revolution. In January 2025, the company acquired Ferrovial Vertiports, subsequently rebranding it as VertiPorts by Atlantic.
This strategic move aims to build out the necessary infrastructure for electric vertical take-off and landing (eVTOL) aircraft. Atlantic has forged partnerships with leading eVTOL developers, including Joby Aviation, Archer Aviation, and Lilium. The company is currently upgrading utility infrastructure and installing charging stations at major hubs, such as New York City’s East 34th Street Heliport, to prepare for the commercial launch of regional air mobility services.
AirPro News analysis
We view this potential $10 billion transaction as a defining moment for aviation infrastructure. The involvement of heavyweight alternative asset managers like Apollo, KKR, and GIC underscores a broader macroeconomic trend: the deployment of billions into physical, inflation-resistant assets.
Furthermore, the valuation reflects more than just the traditional FBO business model. It represents a calculated bet on the future of transportation. By integrating eVTOL infrastructure into its existing network, Atlantic Aviation is future-proofing its operations and establishing itself as a critical player in the impending rollout of electric air taxis.
Frequently Asked Questions
Who is buying Atlantic Aviation?
Apollo Global Management, in partnership with Singapore’s sovereign wealth fund GIC Pte, is reportedly acquiring a majority stake.
How much is Atlantic Aviation valued at in this deal?
According to Bloomberg, the transaction values the company at almost $10 billion.
Is KKR selling its entire stake?
No, industry reports indicate KKR plans to reinvest and retain a significant minority ownership position.
Sources
Photo Credit: Atlantic Aviation
Business Aviation
Avflight Opens New FBO Complex at Detroit KDET Airport
Avflight opened a new terminal and hangar at Coleman A. Young International Airport, the first new facility built there in 60 years.

Avflight and the City of Detroit officially opened a new multimillion-dollar Fixed Base Operator (FBO) complex at Coleman A. Young International Airport (KDET) on June 3, 2026, marking the first new facility constructed at the airfield in 60 years.
The development, detailed in a press release from the City of Detroit, includes a modern terminal and hangar designed to accommodate large-cabin business jets. The opening follows a year of construction after ground was broken in June 2025, expanding Avflight’s presence at the airport where it has operated since 2011.
Facility specifications and capabilities
The new complex features a 5,000-square-foot terminal building alongside a 20,000-square-foot heated hangar. According to the company, the hangar is sized to accommodate aircraft up to the Gulfstream G700.
Additional amenities include an attached, heated indoor parking garage capable of holding four passenger vehicles. Avflight Senior Vice President of Operations Joe Meszaros stated the facility provides the modern services and amenities operators expect while reinforcing the company’s commitment to Detroit’s growth.
“When we broke ground on this project at the end of last June, we saw tremendous potential in Detroit and in this airport. Today, that vision is a reality,” Meszaros said.
Broader airport revitalization efforts
The Avflight complex opens amid a broader push by the City of Detroit to modernize KDET infrastructure. Recent municipal investments include a $3.5 million runway renovation, upgrades to LED taxiway lighting, and ramp pavement improvements.
The city has also installed a new engineered material arresting system (EMAS) and is advancing plans for a new control tower. Detroit Mayor Mary Sheffield noted that the FBO is one of several facilities opening in 2026, intended to make the airport a more popular destination for private aircraft and drive regional investment.
AirPro News analysis
The completion of the Avflight facility at KDET represents a critical step in reversing decades of infrastructural stagnation at the Detroit airport. By building a hangar capable of housing ultra-long-range business jets like the Gulfstream G700, Avflight is positioning KDET to capture high-end corporate traffic that might otherwise default to Oakland County International Airport (PTK) or Detroit Metropolitan Wayne County Airport (DTW). We view the concurrent municipal investments, particularly the runway and EMAS upgrades, as essential prerequisites that gave Avflight the confidence to execute this multimillion-dollar project.
Sources: City of Detroit, Avflight
Photo Credit: Avflight
Business Aviation
Otto Aerospace Closes FAA G-1 Issue Paper for Phantom 3500
Otto Aerospace establishes Part 23 certification basis for the Phantom 3500, targeting first flight in 2027 and service entry in 2030.

Otto Aerospace has finalized the regulatory framework for its Phantom 3500 aircraft, closing the G-1 Issue Paper with the Federal Aviation Administration (FAA) to establish the type Certification basis under 14 CFR Part 23.
The June 8, 2026, announcement marks the transition of the Phantom 3500 program from initial design into the execution phase, paving the way for flight testing and a targeted entry into service in 2030. According to a company press release, the agreement defines the specific airworthiness standards the light jet must meet under Amendment 23-64.
Certification progress and testing plans
Securing the G-1 Issue Paper is a mandatory step in the FAA type certification process. Otto Aerospace became an applicant for type certification in September 2025. The company is now actively engaged with the FAA East Certification Branch to close the G-2 Issue Paper, which will define the specific means of compliance for the program.
“Now that the certification basis is in place, the program moves into a higher gear on execution. We have alignment with the FAA on what we need to demonstrate, and that gives us real momentum as we move toward first flight and entry into service,” said Scott Drennan, President and Chief Executive Officer of Otto Aerospace.
With advanced material testing already underway, Otto Aerospace confirmed that its flight testing campaign will be conducted from a new facility at Cecil Airport in Jacksonville, Florida. The company maintains its headquarters in Fort Worth, Texas.
Kerri Hinton, Director of Test & Certification for Otto Aerospace, noted that the company appreciates the ongoing engagement with the regulator. She stated that the manufacturer looks forward to advancing the Phantom 3500 through the remaining certification phases with an unwavering commitment to safety.
Design freeze and cabin technology
The certification milestone follows a series of technical and design developments for the Phantom 3500. On May 18, 2026, Otto Aerospace completed the Preliminary Design Review (PDR) and officially froze the aircraft design. According to reporting by Aviation International News, the final design incorporated minor adjustments to the stabilizer volume, empennage placement, and aft fuselage length to optimize aerodynamic performance.
Shortly after the design freeze, the manufacturer announced a partnership on May 21, 2026, with Austrian interior specialist F/LIST to develop the aircraft cabin. AviTrader reported that the interior will feature Otto Aerospace proprietary SuperNatural Vision technology. This system replaces traditional passenger windows with ultra-wide digital displays connected to external cameras.
Commercial milestones and production timeline
The Phantom 3500 program is backed by a substantial initial order book. On September 30, 2025, fractional ownership operator Flexjet was announced as the launch customer for the aircraft. The agreement includes a firm order for 300 airframes, valued at $5 billion.
With the design frozen and the certification basis established, Otto Aerospace is targeting 2027 for the first flight of the Phantom 3500. The company projects the aircraft will achieve certification and enter commercial service in 2030.
AirPro News analysis
Closing the G-1 Issue Paper within nine months of formal application indicates a highly structured initial engagement between Otto Aerospace and the FAA. However, the transition to the G-2 Issue Paper phase will likely present complex engineering challenges. The integration of the SuperNatural Vision windowless cabin technology is unprecedented in a Part 23 business jet. We expect the FAA East Certification Branch will require extensive human factors and redundancy demonstrations to establish the means of compliance for replacing physical windows with digital displays. Maintaining the 2027 first flight target will depend heavily on how quickly the regulator and the manufacturer can align on these novel testing requirements.
Sources: Otto Aerospace
Photo Credit: Otto Aerospace
Business Aviation
Atlantic Aviation Opens New FBO and Hangar at Napa County Airport
Atlantic Aviation opened a new 9,500 sq ft terminal and 39,000 sq ft hangar at Napa County Airport on June 4, 2026.

Atlantic Aviation officially opened its newly constructed fixed base operation (FBO) executive terminal and hangar complex at Napa County Airports (APC) on June 4, 2026, significantly expanding its footprint to support growing business aviation traffic in the region.
The completion of the facility, announced in a June 5, 2026, press release, replaces an older terminal with a modernized, sustainable complex. The development is part of a broader revitalization effort at the California airport that includes long-term leases for multiple FBO operators.
Facility specifications and sustainability
The new executive terminal spans 9,500 square feet and is accompanied by a 39,000-square-foot hangar. The site also includes an additional 3,100 square feet dedicated to shop and office space. Atlantic Aviation partnered with JRMA Architects & Engineers, Centrex Construction, Inc., and American Environmental Aviation, Inc. to complete the project, which was originally announced in 2024.
The infrastructure upgrade features a new fuel farm with a capacity of 40,000 gallons for Jet A and 10,000 gallons for 100LL aviation fuel. To support corporate Sustainability initiatives, the facility incorporates approximately 2,000 square feet of solar panels.
Strategic Investments in Napa Valley
Company leadership framed the opening as a critical upgrade for operators traveling to the California wine region. Atlantic Aviation Chief Executive Officer Jeff Foland stated the project represents an investment in the overall experience of flying into the area.
“We designed this facility to deliver the exceptional service, comfort, and operational reliability our customers expect while also creating an environment that reflects the quality and hospitality synonymous with this region,” Foland said. “We are grateful for the strong partnership with Napa County Airport and the many teams who helped bring this vision to life.”
AirPro News analysis
The opening of Atlantic Aviation’s new complex marks the culmination of a competitive infrastructure upgrade cycle at Napa County Airport. In October 2025, competitor Skyservice Business Aviation opened a 60,000-square-foot FBO and hangar facility on a 15-acre parcel at the same airfield. We view these parallel developments, which stem from a $30 million airport revitalization program, as a clear indicator of sustained high demand for premium business aviation access to the Napa Valley region. The addition of high-capacity Jet A fuel farms and expanded hangar space by both operators ensures the airport can accommodate larger business jets and higher traffic volumes during peak tourism and harvest seasons.
Sources: Atlantic Aviation
Photo Credit: Atlantic Aviation
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