US investment firm Stonepeak completed last week its acquisition of Air Transport Services Group (ATSG) for a purchase price of $3.1 billion.
ATSG confirmed on 11 April that the deal has been finalised with an all-cash transaction, which makes ATSG a private division of Stonepeak and will remove its listing on the NASDAQ stock exchange.
The Ohio-headquartered company first disclosed the deal in November, after the plan had received approval from ATSG’s board of directors. Then, the deal received ATSG shareholder approval in February.
Shareholders receive cash payments of $22.50 per share under the deal.
“As a private company – and with Stonepeak’s support, as a leading investor in transportation, logistics and asset-leasing businesses – we are well-positioned to enhance our capabilities and sustain ATSG’s long-term growth,” says Mike Berger, ATSG’s chief executive.
ATSG has two primary divisions, including an ACMI – aircraft, crew, maintenance and insurance – business that owns ABX Air, Air Transport International and Omni Air International. Those carriers operate jets for customers such as Amazon.
Another arm of the company, called Cargo Aircraft Management, acquires used narrowbody and widebody passengers jets, which it converts into freighters and leases to ATSG’s subsidiary airlines and other carriers.
