Macquarie Infrastructure Corp. has agreed to sell its Atlantic Aviation business to KKR for $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 United States, 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 (MIH). The reorganization was approved by MIC shareholders on May 6 and is expected to be completed shortly before the closing of the sale. The sale is expected to result in cash proceeds of approximately $3.298 billion being available for distribution to unitholders after a disposition payment by MIH to MIC’s external manager of approximately $227 million.
The MIH board of directors is expected to authorize a cash distribution of approximately $37.35 per unit following clos
