Global law firm Hogan Lovells is advising Stonepeak in the acquisition of Air Transport Services Group, Inc. (NASDAQ:ATSG), in an all-cash transaction with an enterprise valuation of approximately US$3.1 billion. Upon completion of the transaction, ATSG’s shares will no longer trade on NASDAQ, and ATSG will become a private company.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$70 billion of assets under management.
ATSG is a global leader in freighter aircraft leasing with a fleet that includes Boeing 767, Airbus A32,1 and Airbus A330 converted freighters. ATSG also provides cargo and passenger air transportation solutions for domestic and international air carriers and companies seeking outsourced airlift services. ATSG subsidiaries include three U.S. certificated air carriers, which provide air cargo lift, and ACMI and charter services. Complementary services from ATSG’s other subsidiaries allow the integration of aircraft maintenance and airport ground services.
Under the terms of the definitive agreement, which was unanimously approved by ATSG’s Board of Directors, holders of ATSG’s common shares will receive US$22.50 per share in cash. The purchase price represents a premium of approximately 29.3% over ATSG’s closing share price on 1 November 2024, the last full trading day prior to the announcement of the definitive agreement on 4 November 2024, and a 45.5% premium over ATSG’s volume-weighted average price (VWAP) over the prior ninety trading days. 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.
