Form 4: Apollo Global Management Exits Sun Country Airlines Holdings with Public Offering

SCA Horus Holdings, LLC (Apollo Stockholder) fully divests its stake in Sun Country Airlines through an underwritten public offering.

Summary

• SCA Horus Holdings, LLC (the Apollo Stockholder) sold 6,346,105 shares of Sun Country Airlines Holdings, Inc. common stock on February 11, 2025.
• The sale was part of an underwritten public offering at a price of $15.85 per share.
• This transaction represents a complete exit for the Reporting Persons, as they no longer beneficially own any securities of the Issuer.
• AP VIII (SCA Stock AIV), LLC is the sole member of the Apollo Stockholder, and Antoine Munfakh and Noah Falk are its directors.
• The reporting persons disclaim beneficial ownership of the securities sold, except to the extent of any pecuniary interest.

Sentiment

Score: 6

Explanation: Neutral sentiment as it primarily reports a transaction. The exit of a major shareholder can be viewed as both positive (completion of investment cycle) and negative (potential for short-term price volatility).

Positives

• The successful completion of the underwritten public offering suggests strong market demand for Sun Country Airlines Holdings, Inc. shares at the specified price.

Negatives

• The exit of a major shareholder like Apollo could create short-term price volatility.

Risks

• The market may react negatively to the complete exit of a major shareholder.
• Potential for increased stock volatility following the sale.

Future Outlook

The document does not contain specific forward-looking statements regarding Sun Country Airlines' future performance.

Management Comments

• The reporting persons disclaim beneficial ownership of the securities sold, except to the extent of any pecuniary interest.

Industry Context

Private equity firms like Apollo often invest in airlines to improve operations and then exit through public offerings or sales to other companies. This exit is a typical part of that investment lifecycle.

Comparison to Industry Standards

• Apollo's exit strategy is similar to other private equity firms that have invested in airlines, such as Indigo Partners' investment in Frontier Airlines.
• The size of the offering and the price per share can be compared to recent airline IPOs and secondary offerings to assess market sentiment.

Stakeholder Impact

• Shareholders may experience short-term price volatility.
• Employees are unlikely to be directly impacted by this transaction.
• Customers and suppliers should not be directly affected.

Key Dates

Keywords

Sun Country Airlines, SCA Horus Holdings, Apollo Global Management, Public Offering, Exit Filing, Share Sale, SNCY