Air Transport Services Group (ATSG), a leading lessor of mid-size freighter aircraft, announced on Monday that it has agreed to be acquired by investment firm Stonepeak in an all-cash deal valued at approximately $3.1 billion, including debt. Under the terms of the agreement, Stonepeak will pay $22.50 per share for ATSG, representing a premium of 29.3% over the company's closing share price on Friday.

The acquisition comes at a time when the air cargo industry is experiencing a surge in demand, driven by the rapid growth of e-commerce and the increasing need for faster delivery times. ATSG, headquartered in Wilmington, Ohio, is a leading player in this market, with a fleet of 134 aircraft, including Boeing 767 and Airbus A321 freighters. The company provides aircraft leasing, cargo transportation, and maintenance services to major airlines and e-commerce companies, with key customers including Amazon, DHL Express, and the U.S. Department of Defense.

Analysts suggest that the premium being paid by Stonepeak reflects the strategic value of ATSG's operations and the potential for further growth in the air cargo sector. With limited availability of suitable aircraft and increasing demand, ATSG's fleet and expertise in freighter conversions make it an attractive acquisition target. The deal also allows Stonepeak to capitalize on the ongoing shift towards e-commerce and the need for efficient logistics solutions.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and customary closing conditions. Once completed, ATSG will become a private company, and its shares will be delisted from the NASDAQ exchange.