Investment firm Stonepeak's $3.1bn takeover of freighter aircraft leasing giant ATSG will move ahead following the expiration of a go-shop period.
The two businesses entered into a definitive agreement for the deal in early November but this included a 35-day go-shop period, which came to an end at midnight on December 8.
During this time, ATSG and its representatives had the right to solicit and consider takeover proposals from third parties. However, the company said yesterday that it had not received any alternative takeover proposals.
ATSG said the transaction is expected to close in the first half of 2025, subject to customary closing conditions, including approval of ATSG’s shareholders and receipt of regulatory approvals.
Stonepeak is described as an alternative investment firm specialising in infrastructure and real assets and its offer amounted to $22.50 per share in cash.
Upon completion of the transaction, ATSG’s shares will no longer trade on NASDAQ and ATSG will become a private company.
ATSG fleet includes Boeing 767, Airbus A321, and soon, Airbus A330 converted freighters.
The firm's subsidiaries comprise ABX Air, Airborne Global Solutions; Airborne Maintenance and Engineering Services, including its subsidiary, Pemco World Air Services; Air Transport International; Cargo Aircraft Management; LGSTX Services and Omni Air International.
Speaking at the time the deal was first announced, ATSG chief executive Mike Berger said: “This transaction reflects the tremendous value of our fleet of in-demand midsize freighter and passenger aircraft, and the strength of our talented teams across ATSG’s businesses.
“In Stonepeak, we have found a partner that recognizes the power of our Lease+Plus strategy to provide comprehensive aircraft leasing and operating solutions to our customers.
“With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers."
https://www.aircargonews.net/business/acquisitions/atsg-to-be-acquired-for-3-1bn/
