(Bloomberg) -- Apollo Global Management Inc. is exploring a takeover of Ryder System Inc., a transportation and logistics company, according to people with knowledge of the matter. The stock rose as much as 19%. 

Terms of a transaction couldn’t immediately be learned, but any deal would value Ryder at a premium to the $3.4 billion market value ascribed to the company before Bloomberg News reported on a potential deal, said the people, who asked to not be identified because the matter isn’t public. 

No deal has been reached and it’s possible talks could collapse, in part due to challenges in the debt markets making it difficult to raise financing, cautioned some of the people. It’s possible other suitors could emerge, they said. 

A representative for Apollo declined to comment while a representative for Ryder didn’t immediately respond to requests for comment. 

Ryder rose 16% to $77.09 at 3:24 p.m. in New York trading Tuesday, giving it a market value of about $4 billion. It also has more than $7 billion in debt, Bloomberg data shows. 

Led by Chief Executive Officer Robert Sanchez, Ryder provides services including e-commerce fulfillment, last-mile delivery, warehousing and distribution, and used vehicle sales. It operates primarily in North America and the UK, managing about 239,000 commercial vehicles and operating more than 330 warehouses, according to its website.

In June, Ryder said it rejected a takeover offer from HG Vora Capital Management LLC, which owns about 9.9% of its shares, Bloomberg data shows. 

Apollo has been an active dealmaker in 2022, despite predicting a slowdown in broader activity. Last month, the firm led a group that agreed to buy Atlas Air Worldwide Holdings Inc. for about $3.2 billion. In February, it agreed to buy auto-parts maker Tenneco Inc. in a deal valued at about $1.6 billion. 

Read more: Apollo’s Kleinman Sees Buyout Deal Slump Into Late 2023

(Refreshes trading in first and fifth paragraphs; Adds details about Tenneco deal in final paragraph.)

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