Stonepeak Acquires Air Transport Services Group ATSG for $3.1 Billion
US investment firm Stonepeak has announced the acquisition of aircraft lessor Air Transport Services Group (ATSG) in a substantial $3.1 billion deal expected to close in the first half of 2025. The definitive agreement, revealed on November 4, 2024, is an all-cash transaction that will see ATSG taken private, with shareholders receiving $22.50 per share, representing a 29.3% premium over ATSG’s closing share price on November 1, 2024.
Joe Hete, Executive Chairman of ATSG’s Board of Directors, expressed enthusiasm for this pivotal milestone in the company’s history. Since going public in 2003, ATSG has diversified its operations, emerging as a global leader in midsize freighter leasing and air transport services, particularly for the U.S. Department of Defense and other agencies.
ATSG specializes in leasing medium widebody freighter aircraft and providing air transport operations and support services. Its fleet includes Boeing 767s, 757s, and Airbus A321s, with plans to introduce Airbus A330 converted freighters. A key customer in ATSG’s portfolio is Amazon’s Prime Air, highlighting the company’s significance in the air cargo sector.
Mike Berger, CEO of ATSG, stated that the transaction underscores the substantial value of ATSG’s fleet and the capabilities of its workforce. He emphasized that with Stonepeak’s investment and its expertise in transportation, logistics, and asset leasing, ATSG is well-positioned to further expand its presence in the global air cargo leasing market and enhance service offerings to customers.
This acquisition marks a significant shift in the aircraft leasing landscape, positioning Stonepeak and ATSG to capitalize on the growing demand for air cargo services in an increasingly digital economy. The strategic partnership aims to leverage ATSG’s established reputation and fleet to drive growth and innovation in the air transport sector.
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