Stonepeak to Take ATSG Private in $3.1B All-Cash Deal
Stonepeak has agreed to buy Air Transport Services Group (ATSG), a freighter aircraft leasing company, for $3.1 billion in an all-cash take-private deal.
ATSG shareholders will receive $22.50 per share in cash, representing a premium of approximately 29.3% over ATSG’s closing share price on November 1, 2024, the last full trading day prior to this announcement.
The agreement includes a “go-shop” period, which allows Wilmington, OH-based ATSG to solicit proposals from third parties for 35 days through December 8 and in certain cases for a period of 50 days through December 23.
“The agreement with Stonepeak will deliver immediate and certain cash value to ATSG’s shareholders at a substantial premium to recent market prices,” said Joe Hete, executive chairman of ATSG’s board of directors.
NY headquartered Stonepeak is an infrastructure and real assets-focused alternative investment firm with approximately $70 billion in assets under management.
The transaction is expected to close in the first half of 2025.
Goldman Sachs & Co. LLC is acting as exclusive financial advisor to ATSG. Davis Polk & Wardwell LLP and Vorys, Sater, Seymour & Pease LLP are acting as legal counsel to ATSG. Evercore is acting as financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP are acting as legal counsel to Stonepeak.