(Bloomberg) -- Apollo Global Management Inc. is acquiring a co-controlling stake in Atlantic Aviation from rival KKR & Co. that values the private jet fixed-base operator at nearly $10 billion.

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KKR is retaining a significant stake in the company after the transaction, according to a statement from Apollo. The sale confirms an earlier report from Bloomberg News.

"The private aviation market has structural tailwinds that we believe will persist, and Atlantic is well positioned to capture that growth," said David Cohen, partner at Apollo. " We look forward to working closely with Jeff, the entire Atlantic team and KKR to build on its momentum through targeted investment and strategic new market expansion."

KKR acquired Atlantic Aviation from Macquarie Infrastructure for about $4.5 billion in 2021.

Atlantic Aviation operates more than 100 fixed base operations across the US, providing services including fueling, deicing and maintenance for private jets, as well as concierge for passengers. It also leases hangar and office space for customers, according to its website.

Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to the Apollo Funds. Evercore Inc. and Morgan Stanley & Co. LLC served as financial advisers and Kirkland & Ellis served as legal adviser to KKR.

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