Latham & Watkins has advised Apollo Global Management (Apollo) on the signing of a definitive agreement for Apollo-managed affiliated entities, funds, and clients to invest €1.3 billion (with the option for Apollo to increase this amount up to €1.5 billion) into an Air France-KLM operating affiliate holding the trademark and most of the commercial partners contracts related to Flying Blue, the joint loyalty program of Air France and KLM. The investment will take the form of a subscription to perpetual bonds to be issued by the affiliate, which will become the exclusive issuer of miles for the airlines and the partners of the Air France-KLM group.

The completion of the transaction remains subject to customary condition precedents, and is expected to take place by the end of 2023.

Latham advised Apollo on French law aspects of the transaction, with a team in Paris led by partner Thomas Forschbach, with counsel Bénédicte Large Bremond and associate Jacek Urban on corporate matters; partner Alexandra Bigot, with associate Hugo Bodkin on restructuring matters; partner Jean-Luc Juhan, with associate Daniel Martel on IP/IT matters and commercial contracts; partner Olivia Rauch-Ravisé, with associate Alexis Caminel on tax matters; and partner Myria Saarinen, with associate Charlotte Guérin on data privacy matters.