Air France-KLM and Apollo Global Management have signed a definitive agreement for Apollo-managed funds and entities to make a €500 million investment into an ad hoc operating affiliate of Air France that will own a pool of spare engines dedicated to the airline’s Engineering and Maintenance activities. Under this agreement, Apollo affiliated entities will subscribe to perpetual bonds issued by the ad hoc operating affiliate, which will be accounted as equity under IFRS. The proceeds of the transaction will enable Air France-KLM and Air France to further redeem the French State perpetual bonds. As a result of the transaction, Air
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