Air Transport Services Group, Inc. (NASDAQ: ATSG), a global leader in leasing medium widebody freighter aircraft and providing air transport operations and support services, announced today a definitive agreement to be acquired by Stonepeak, an alternative investment firm specializing in infrastructure and real assets. The all-cash transaction values ATSG at an enterprise value of approximately $3.1 billion.
Under the terms approved unanimously by ATSG’s Board of Directors, shareholders will receive $22.50 per share in cash, a 29.3% premium over ATSG’s closing share price on November 1, 2024, and a 45.5% premium over the volume-weighted average price of the past 90 trading days. Once the transaction is finalized, ATSG will become a private company, with its shares delisted from NASDAQ.
Joe Hete, Executive Chairman of ATSG, remarked, “This agreement with Stonepeak provides our shareholders with immediate, substantial value at a premium to recent market prices. With a history dating back to 1980, ATSG has grown into a leader in midsize freighter leasing and supplemental passenger transport for the U.S. Department of Defense and other agencies. After a thorough evaluation, we are confident this transaction maximizes value for our shareholders and supports our employees, customers, partners, and communities.”
Mike Berger, CEO of ATSG, noted, “This acquisition reflects the significant value of our fleet and the expertise of our teams. With Stonepeak’s investment and deep knowledge of transportation and asset leasing, ATSG will be well-positioned to expand its global footprint in air cargo leasing and enhance customer offerings. We’re grateful to our employees for their contributions and commitment as we enter this next chapter.”
James Wyper, Senior Managing Director and Head of Transportation & Logistics at Stonepeak, added, “ATSG is integral to the global e-commerce ecosystem, with established relationships with major e-commerce companies and an extensive, high-capacity fleet. We are confident in ATSG’s future as a sector leader.”
Graham Brown, Managing Director at Stonepeak, stated, “We look forward to supporting ATSG’s team and are excited about this addition to our North American infrastructure strategy.