Stonepeak completes $3.1 billion acquisition of ATSG in all-cash deal

Air Transport Services Group, Inc. (ATSG) has been acquired by Stonepeak in an all-cash transaction valued at approximately $3.1 billion. The transaction, announced on November 4, 2024, received shareholder approval on February 10, 2025, and has now been completed. With this, ATSG’s common shares have ceased trading and will no longer be listed on NASDAQ. Under the terms of the agreement, holders of ATSG’s common shares will receive $22.50 per share in cash.

Mike Berger, Chief Executive Officer of ATSG, said, “Today marks an important milestone in ATSG’s journey. As a private company – and with Stonepeak’s support, as a leading investor in transportation, logistics, and asset leasing businesses – we are well-positioned to enhance our capabilities and sustain ATSG’s long-term growth. I look forward to focusing on delivering value for our employees, customers, partners, communities, and other stakeholders. Our employees continue to demonstrate they are the best in the business across all ATSG companies. That, very simply, is what separates us from the rest.”

James Wyper, Senior Managing Director, Head of Transportation & Logistics, and Head of U.S. Private Equity at Stonepeak, said, “ATSG has proven itself to be a leader in global aircraft leasing, with significant scale, strong customer relationships, and an incredibly talented team across all of its businesses. We look forward to partnering with Mike and the rest of the team to support ATSG in its next chapter as a private company.”

Goldman Sachs & Co. LLC acted as the exclusive financial advisor to ATSG. Davis Polk & Wardwell LLP, Vorys, Sater, Seymour & Pease LLP, and Silverberg Goldman LLP acted as legal counsel to ATSG. Evercore served as financial advisor to Stonepeak, with legal counsel from Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP.