Sept 27 (Reuters) - Apollo Global Management is exploring a takeover of freight services provider Ryder System , Bloomberg News reported on Tuesday citing people with knowledge of the matter.

Terms of a deal were not known but any transaction would be above Ryder's current market cap of $3.4 billion, according to the report.

Shares of Florida-based Ryder rose 15% in afternoon trade on the report.

No deal has been reached and it is possible talks could collapse, in part due to challenges in the debt markets making it difficult to raise financing, the Bloomberg report said.

Apollo and Ryder did not immediately respond to Reuters requests for comment.

The potential bid comes months after Ryder rejected hedge fund HG Vora Capital Management's offer to acquire the company for $4.4 billion.

Last month, Apollo led a group to take air-freight company Atlas Air Worldwide Holdings Inc private for nearly $3 billion. (Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh Kuber)