Stonepeak to Acquire Air Transport Services Group in $3.1 Billion Deal

Air Transport Services Group, Inc. (NASDAQ:ATSG) has agreed to be acquired by Stonepeak, an alternative investment firm, in an all-cash transaction valued at approximately $3.1 billion. Under the terms of the deal, ATSG shareholders will receive $22.50 per share in cash, representing a 29.3% premium over the closing share price on November 1, 2024. Upon completion of the transaction, ATSG will become a private company. 

The acquisition is expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals. ATSG has cancelled its earnings conference call for the third quarter of 2024 in light of the transaction with Stonepeak. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ATSG, while Evercore is advising Stonepeak.

ATSG is a leading provider of aircraft leasing and cargo and passenger air transportation solutions, while Stonepeak is a global alternative investment firm specializing in infrastructure and real assets. The deal is subject to approval by ATSG's shareholders and regulatory authorities. Both companies are headquartered in the United States, and Stonepeak has offices in several countries around the world. The acquisition represents a significant development in the transportation and logistics sector, with Stonepeak aiming to support ATSG's growth as a private company.