Apollo Global Management is exploring a potential sale of Atlas Air Worldwide Holdings, according to people familiar with the matter cited by Bloomberg.

The aviation business could be valued at more than $12bn including debt.

The private equity firm is in early-stage discussions and has attracted preliminary interest from industry players and other financial sponsors. Apollo may also decide to retain the asset for longer.

Atlas Air operates aircraft leasing and charter services, offering both dry and wet leasing solutions. Its fleet includes Boeing 747, 777, 767, and 737 aircraft.

Apollo led a consortium that acquired Atlas Air in 2022 in a transaction valued at about $5.2bn including debt. 

Representatives for Apollo declined to comment.

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