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WILMINGTON, Ohio & NEW YORK - Air Transport Services Group, Inc. (NASDAQ:ATSG), a key player in the leasing of medium widebody freighter aircraft, announced today that its shareholders have given the green light for the proposed merger with Stonepeak, an investment firm with a focus on infrastructure and real assets. This approval came during a special meeting of ATSG’s stockholders.
The merger agreement stipulates that ATSG’s common shareholders will receive $22.50 per share in cash once the deal is finalized, representing a significant premium considering the stock’s impressive 42.87% gain over the past six months. The expected closure of the merger is slated for the first half of 2025, pending the fulfillment of standard closing conditions and necessary regulatory consents. Post-merger, ATSG will operate as a privately held entity and will cease trading on the NASDAQ.
ATSG, known for its leasing services that include a fleet of Boeing (NYSE:BA) 767, Airbus A321, and soon, Airbus A330 converted freighters, also provides air cargo and passenger transportation solutions. The company’s subsidiaries offer a comprehensive range of services, from aircraft maintenance to airport ground services.
Stonepeak, headquartered in New York, manages approximately $72 billion in assets and invests in sectors such as digital infrastructure, energy transition, and transport and logistics. The firm operates globally with offices in key cities across the world.
The transaction is subject to customary closing conditions and regulatory approvals. As per the company’s announcement, the final voting results of the special meeting will be documented in a Form 8-K, which is to be filed with the U.S. Securities and Exchange Commission today.
This merger is anticipated to bring together ATSG’s air transport services, which generated $1.96 billion in revenue over the last twelve months, and Stonepeak’s investment expertise in infrastructure, potentially offering new opportunities for growth within the logistics and transport sectors. For deeper insights into merger valuations and comprehensive analysis, InvestingPro subscribers can access detailed financial health scores, additional ProTips, and expert research reports covering over 1,400 US stocks.
The information presented in this article is based on a press release statement from Air Transport Services Group, Inc.
In other recent news, Air Transport Services Group, Inc. disclosed preliminary estimated unaudited financial results for the fourth quarter and the full year of 2024. The company anticipates its revenue for the year to range from $1.958 billion to $1.962 billion, with Adjusted EBITDA expected to lie between $545.1 million and $551.1 million. For the fourth quarter, Air Transport Services estimates revenue to be between $513 million and $517 million, and Adjusted EBITDA between $158 million and $164 million.
These figures are part of a potential debt financing transaction related to a pending acquisition. The acquisition by Stonepeak Nile Parent LLC and Stonepeak Nile MergerCo Inc. is still subject to regulatory approvals and customary closing conditions. It is important to note that these are recent developments and the company’s estimates are not yet finalized. They could differ materially from the final reported results due to the completion of financial closing procedures or other developments.
The company’s Adjusted EBITDA calculations exclude certain items to provide a clearer picture of the financial performance of its core operations. These figures are forward-looking statements based on current estimates and are subject to change.
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