Air Transport Services Group Announces 'Go-Shop' Period Expiration
Air Transport Services Group, Inc. (NASDAQ: ATSG), a recognized leader in medium widebody freighter aircraft leasing and air transport operations, has officially concluded its 35-day 'go-shop' period. This period was established under the terms of a definitive merger agreement which outlines the acquisition of ATSG by Stonepeak, a prominent investment firm specializing in infrastructure and real assets. The deal value is set at $22.50 per share in cash.
Details of the Merger Agreement
The 'go-shop' period allowed ATSG to solicit and evaluate any potential alternative takeover proposals from other interested parties. However, no competing bids were received during this time, indicating a clear path forward for the company.
Anticipated Closing Timeline
It is projected that the transaction will finalize in the first half of the upcoming year, pending standard closure conditions. This includes necessary approvals from ATSG's shareholders and regulatory bodies.
Advisors for the Transaction
Goldman Sachs & Co. LLC has been appointed as the exclusive financial advisor for ATSG throughout this process, while Davis Polk & Wardwell LLP and Vorys, Sater, Seymour & Pease LLP are providing legal counsel. For Stonepeak, Evercore is acting as their financial advisor, with Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP as their legal team.
About Air Transport Services Group
ATSG stands as a top-tier provider of aircraft leasing and tailored air transportation solutions, catering to both domestic and international air carriers. The company boasts a diverse fleet, which comprises Boeing 767, Airbus A321, and soon, Airbus A330 converted aircraft. With its unique Lease+Plus aircraft leasing model, ATSG effectively integrates multiple subsidiary services, including aircraft maintenance and airport ground operations.
About Stonepeak
Stonepeak specializes in investments focused on defensive, hard-asset businesses, with a management portfolio exceeding $70 billion. By emphasizing value creation through operational support and strategic partnerships, Stonepeak is dedicated to enhancing investments within sectors such as logistics, energy, and real estate.
Frequently Asked Questions
What is the significance of the 'go-shop' period for ATSG?
The 'go-shop' period allowed ATSG to ensure there were no better acquisition offers before moving forward with Stonepeak's deal.
When is the merger between ATSG and Stonepeak expected to close?
The merger is expected to close in the first half of the upcoming year, subject to approval from shareholders and regulatory authorities.
Who are the financial advisors for ATSG and Stonepeak?
Goldman Sachs is advising ATSG, while Evercore provides financial advisory for Stonepeak.
What aircraft does ATSG currently operate?
ATSG operates a fleet that includes Boeing 767 and Airbus A321 aircraft, with plans to add Airbus A330 converted freighters.
What is Stonepeak's approach to investment?
Stonepeak focuses on defensive investments in infrastructure and real assets, aiming for strong returns while managing risks effectively.
