Air Transport Services Group (ATSG), a major player in leasing medium wide-body freighter aircraft and air transport operations, announced it will be acquired by Stonepeak, an investment firm specialising in infrastructure, for approximately US$3.1 billion. This all-cash acquisition at US$22.50 per share represents a 29.3% premium over ATSG’s recent share price, benefiting shareholders with substantial immediate gains.
This acquisition means ATSG will become a private entity, with shares no longer trading on NASDAQ. The deal was approved unanimously by ATSG’s Board, which recognised the proposal as the best course to maximise shareholder value while supporting employees, customers and partners. Executive Chairman Joe Hete expressed pride in the company’s growth since 2003, emphasising ATSG’s expansion into midsize freighter leasing and military passenger transport.
ATSG CEO Mike Berger highlighted Stonepeak’s alignment with ATSG’s Lease+Plus model, which combines leasing and operating services. Stonepeak’s expertise in transportation and asset leasing is expected to help ATSG expand its global presence in the air cargo leasing market and develop its service offerings further. Berger also acknowledged the dedication of ATSG employees who contributed to the company’s achievements, especially during this transition.
This move underscores the value of ATSG’s sought-after fleet of freighter and passenger aircraft. Stonepeak’s backing is anticipated to empower ATSG to deepen its market presence, benefiting customers and employees while enabling ATSG to pursue further growth opportunities as a private company.
The transaction is expected to close in the first half of 2025, subject to customary closing conditions, including approval of ATSG’s shareholders and receipt of regulatory approvals. The transaction has fully committed equity financing from funds affiliated with Stonepeak and fully committed debt financing. The transaction is not subject to a financing condition.
