Pictured: Joe Hete, Executive Chairman of ATSG's Board of Directors
The definitive agreement, which has been approved by ATSG’s Board of Directors, will give holders of common shares $22.50 per share in cash, a 29.3% premium over ATSG’s closing share price on 1 November and 45.5% above the volume-weighted average price of the previous 90 days.
The transaction is expected to completed in the first half of 2025 and ATSG will become a private company which is not traded on NASDAQ.
Joe Hete, Executive Chairman of ATSG’s Board of Directors says the company has diversified and expanded its service portfolio since going public in 2003, providing freighter leasing and flying services and providing passenger transport for agencies including the US Department of Defense.
He says, “Following the Board’s careful evaluation of the transaction, we are confident it is the best path forward and maximises value for ATSG’s shareholders, while also benefiting our employees, customers, partners, communities and other stakeholders.”
Mike Berger, CEO of ATSG, adds, “With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers.”
Goldman Sachs & Co. is acting as the exclusive financial advisor to ATSG, and Davis Polk & Wardwell and Vorys, Sater, Seymour & Pease are acting as legal counsel.
Evercore is acting as financial advisor to Stonepeak, and Simpson Thacher & Bartlett and Hogan Lovells US are acting as legal counsel.