Citi, Apollo Test Private Credit Tie-Up in Boeing Unit Sale

Citigroup Inc. and Apollo Global Management Inc. are offering potential buyers of Boeing Co.’s Jeppesen navigation unit the option to fund the acquisition through the pair’s nascent private credit partnership, according to people familiar with the matter.

For Citigroup and Apollo, it would mark their first private staple financing, one of the people said, in which the US investment bank leverages its merger and acquisition advisory capabilities for Boeing, with cash from the private equity firm. Private staple is a form of pre-agreed funding used to support an acquisition.