By Ben Glickman
Air Transport Services Group agreed to be taken private in an all-cash deal with an enterprise value of around $3.1 billion.
The Wilmington, Ohio-based air-freight provider said that it had agreed to be acquired by investment firm Stonepeak for $22.50 a share. The company said the deal price represented a premium of about 29% over the stock's closing price as of Friday.
The deal is expected to close in the first half of next year, subject to approval by Air Transport Services shareholders and regulatory approvals.
The all-cash deal has fully committed equity financing from funds affiliated with Stonepeak, Air Transport Services said.
The agreement includes a "go-shop" period, during which the company may solicit proposals and can terminate the merger if it receives a superior offer from another buyer.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 04, 2024 08:48 ET (13:48 GMT)
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