By Dave Sébastien
Macquarie Infrastructure Corp. has agreed to sell its Atlantic Aviation business to KKR & Co. Inc. for $ 4.475 billion in cash and has assumed the debt and reorganization obligations, the companies said.
The Atlantic Aviation unit is a fixed-base operations network, which provides fuel, hangars and related services to owners and operators of private jets. Macquarie Infrastructure said Monday it expects to raise $ 3.525 billion at closing after its reorganization into a limited liability company, Macquarie Infrastructure Holdings LLC.
The companies said they expect the deal to generate approximately $ 3.298 billion in cash proceeds available for distribution to unitholders following a disposition payment by Macquarie Infrastructure Holdings LLC to the outside manager of Macquarie Infrastructure Corp. of approximately $ 227 million. The LLC’s board of directors is expected to approve a cash distribution of approximately $ 37.35 per unit after the transaction closes, expected in the fourth quarter, according to the companies.
Macquarie Infrastructure shareholders last month approved the company’s reorganization, which is expected to be completed shortly before the deal with Atlantic Aviation closes, he said.
Macquarie Infrastructure chief executive Christopher Frost said the unit has generated strong interest from potential buyers.
“In addition to the timely closing of an Atlantic Aviation sale, our goal remains to successfully complete the sale process of our MIC Hawaii business,” said Mr. Frost.
Write to Dave Sebastian at [email protected]
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