Sun Country Airlines (SNCY) said Monday it plans to repurchase $10 million worth of shares in a secondary offering by an affiliate of Apollo Global Management (APO) of roughly 6.3 million Sun Country shares.
The airline will not sell any shares or receive any proceeds from the sale, according to the statement.
Sun Country will repurchase the shares at the same price as the underwriters, using cash on hand.
The sale represents Apollo affiliate's complete divestment of stake in Sun Country Airlines, the company added.
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