January 3, 2019 / 12:47 PM / 6 months ago

UPDATE 1-KKR to acquire 50 percent stake in Altavair and create leased aircraft portfolio

(Adds background and details on funding)

Jan 3 (Reuters) - U.S. private equity giant KKR & Co Inc said on Thursday it will acquire a 50 percent stake in Seattle-based aircraft leasing company Altavair AirFinance and make a $1 billion capital commitment to create a portfolio of leased commercial aircraft with partner.

KKR’s initial investment will go towards the acquisition of six cargo aircraft on long-term lease, the companies said in a statement reut.rs/2SwN0lu.

The investment firm will make the $1 billion investment mainly from its credit and infrastructure funds.

Altavair has leasing partnerships with 44 airlines, including Singapore Airlines, Qatar Airways, Delta Air Lines, Air China, and India's Jet Airways .

KKR was advised by Simpson Thacher & Bartlett. Altavair was advised by Milbank. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli)

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