ATSG announces expiration of “go-shop” period
Stonepeak to acquire ATSG for $22.50 per share in cash; shares to be delisted from Nasdaq.
Air Transport Services Group (ATSG), a global leader in medium widebody freighter aircraft leasing, air transport operations and support services, announced the expiration of the 35-day “go-shop” period under the terms of the previously announced definitive merger agreement.
Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, will now acquire ATSG for $22.50 per share in cash, says an official release from ATSG. The "go-shop” period expired at 11:59 p.m. ET on December 8, 2024, the release added.
"Pursuant to the definitive merger agreement, ATSG and its representatives had the right to solicit and consider takeover proposals from third parties during the “go-shop” period. ATSG did not receive any alternative takeover proposals from any third party during the “go-shop” period.
"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."
Stonespeak had announced the $3.1 billion deal to acquire ATSG in November. ATSG reported revenue of $471 million for the third quarter of 2024, down from $523 million in Q32023 with adjusted pre tax earnings of $10.7 million compared to $31.1 million last year. Upon completion of the transaction, ATSG’s shares will no longer trade on the Nasdaq, and ATSG will become a private company.
ATSG subsidiaries include ABX Air; Airborne Global Solutions; Airborne Maintenance and Engineering Services, including its subsidiary Pemco World Air Services; Air Transport International; Cargo Aircraft Management; LGSTX Services; and Omni Air International.
Stonepeak specialises in infrastructure and real assets with approximately $70 billion of assets under management.
