Apollo Global Management is nearing a $10 billion deal to acquire Atlantic Aviation from rival private equity firm KKR & Co., according to people familiar with the matter.

The transaction would represent one of the largest private equity buyouts in the aviation services sector this year. Atlantic Aviation operates as a leading provider of fuel, ground handling, and other services to private and commercial aircraft at airports across the United States.

KKR acquired Atlantic Aviation in 2017 and has been exploring strategic options for the company as part of its portfolio management process. The aviation services company has expanded its footprint significantly under KKR's ownership, growing its network of fixed-base operations at key airports nationwide.

The deal, if completed, would mark another significant transaction for Apollo, which has been actively deploying capital across various sectors. Aviation services companies have attracted increased private equity interest due to their recurring revenue streams and essential role in airport operations.

Neither Apollo nor KKR immediately responded to requests for comment. The discussions are ongoing and terms could still change, according to the sources, who requested anonymity because the negotiations are private.