The US investment firm Stonepeak has acquired aircraft lessor Air Transport Services Group (ATSG) in a $3.1 billion deal that is expected to be finalized in the first half of 2025.
On November 4, 2024, Stonepeak and Air Transport Services Group announced that the two companies had “entered into a definitive agreement” in an “all-cash transaction”.
The agreement, which will see ATSG taken private, will pay shareholders $22.50 per share in cash and represents a premium of approximately 29.3% over the lessor’s closing share price on November 1, 2024.
“With a history dating back to 1980, we are excited to reach this important milestone in our journey. Since going public in 2003, ATSG has diversified and expanded its portfolio of companies and services, becoming a global leader in midsize freighter leasing and flying, as well as a leading supplemental provider of passenger transport for the U.S. Department of Defense and other agencies,” said Joe Hete, Executive Chairman of ATSG’s Board of Directors.
ATSG leases medium widebody freighter aircraft and is involved in air transport operations and support services.
The company’s fleet includes Boeing 767s, 757s and Airbus A321s and will soon welcome Airbus A330 converted freighters. Among its key customers is Amazon’s Prime Air.
“This transaction reflects the tremendous value of our fleet of in-demand midsize freighter and passenger aircraft, and the strength of our talented teams across ATSG’s businesses,” said Mike Berger, Chief Executive Officer of ATSG. “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.”