Investment firm KKR has agreed to acquire FBO Atlantic Aviation from Macquarie Infrastructure Corporation for US$4.475 billion in cash and assumed debt and reorganization obligations.
Atlantic Aviation operates one of the largest networks of fixed base operations in the USA providing a full suite of critical services to the private aviation sector.
MIC expects to receive $3.525 billion at closing following the reorganization of MIC into a limited liability company, Macquarie Infrastructure Holdings LLC (MIH). The reorganization was approved by MIC shareholders on May 6, 2021 and is expected be completed shortly before the closing of the Atlantic Aviation sale.
“We are proud of the robust growth Atlantic Aviation has achieved under our ownership which resulted in strong interest from prospective buyers during the sale process,” said Christopher Frost, chief executive officer of MIC. “We are pleased with the outcome of the sale process and the unlocking of additional value for MIC shareholders. In addition to the timely closing of a sale of Atlantic Aviation our focus remains on successfully concluding the sale process for our MIC Hawaii business.”
“Atlantic Aviation has an outstanding reputation as a leading operator of critical aviation infrastructure across the U.S.,” said Dash Lane, partner at KKR. “With our focus on providing long-term capital to support the growth of high quality and resilient businesses, we are excited to invest alongside Atlantic’s experienced team and strong existing platform which we believe is well positioned to capitalize on multiple avenues of future growth.”
The sale of Atlantic Aviation is expected to close at the end of 2021, subject to customary regulatory approvals and approval from MIC shareholders.
