Private equity giant Stonepeak announced Monday that it will acquire Air Transport Services Group Inc. (ATSG) in a deal valued at approximately $3.1 billion, moving the Ohio-based air cargo and passenger aircraft leasing company into private ownership. Under the terms of the agreement, ATSG shareholders will receive $22.50 per share in cash, marking a 29.3% premium over the company’s last closing price. Following the announcement, ATSG’s shares rose 26% on Monday to nearly $22.
Transition to Private Ownership and Strategic Growth Plans
Once the acquisition closes, expected in the first half of 2025, ATSG’s stock will no longer trade on the Nasdaq. Stonepeak’s acquisition is part of its broader strategy to bolster its presence in transportation and logistics, enhancing ATSG’s standing as a global leader in midsize freighter leasing for the e-commerce market.
ATSG CEO Mike Berger expressed optimism about the deal, stating, “With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well-positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers.”
Stonepeak To Buy ATSG : Deal Structure and “Go-Shop” Provision
The acquisition includes a “go-shop” period, allowing ATSG to explore alternative offers through December 8, with a possible extension to December 23 under certain conditions. This feature enables ATSG to assess potential bids from third parties, ensuring that the deal aligns with shareholder interests.
