Hogan Lovells advises Stonepeak in acquisition of ATSG for US$3.1 billion

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$70 billion of assets under management.

ATSG is a global leader in freighter aircraft leasing with a fleet that includes Boeing 767, Airbus A32,1 and Airbus A330 converted freighters. ATSG also provides cargo and passenger air transportation solutions for domestic and international air carriers and companies seeking outsourced airlift services. ATSG subsidiaries include three U.S. certificated air carriers, which provide air cargo lift, and ACMI and charter services. Complementary services from ATSG's other subsidiaries allow the integration of aircraft maintenance and airport ground services.

Under the terms of the definitive agreement, which was unanimously approved by ATSG's Board of Directors, holders of ATSG's common shares will receive US$22.50 per share in cash. The purchase price represents a premium of approximately 29.3% over ATSG's closing share price on 1 November 2024, the last full trading day prior to the announcement of the definitive agreement on 4 November 2024, and a 45.5% premium over ATSG's volume-weighted average price (VWAP) over the prior ninety trading days. The transaction is expected to close in the first half of 2025, subject to customary closing conditions, including approval of ATSG's shareholders and receipt of regulatory approvals.

Additional information on the transaction can be found here.

The Hogan Lovells deal team was led by partners Arjun Garg (Aviation, Washington, D.C.), Mike Scheimer (Government Contracts, Washington, D.C.), Mehtap Cevher Conti (Asset Finance, New York), and New York Office Managing Partner Michael Kuh (Private Equity & Funds, New York).