Apollo agrees to buy $220m in aircraft and engines

Wednesday, July 17, 2013

Apollo Aviation has contracted to buy 11 aircraft and seven engines in a $220 million deal with the backing of its second aviation fund.

 The purchases include two Airbus A320s, one A330-200, an A330-300, seven Boeing Next Generation aircraft and seven engines, says Apollo, which confirms the transactions.

The Miami-based lessor says the deals were contracted in the first five months of 2013 and are part of an agreement for 25 aircraft and 10 engines.

Sciens Aviation Special Opportunities Investment Fund II (SASOF II), which began trading in the first quarter of this year, is 40 percent deployed and will continue through the first quarter of 2015, says Apollo’s president Robert Korn on the eve of the Paris air show.

The $595 million fund targets mid-life, in-production aircraft for lease or immediate disassembly, he says.

Apollo’s first aviation fund, SASOF, is currently in liquidation after purchasing 52 aircraft.