M&A · Industrials · Air Courier Services
Stonepeak to acquire Air Transport Services Group, Inc.
Announced Nov 4, 2024 · Closed Apr 11, 2025
Deal value$3.10BEV $3.10B
Premium29.3%To unaffected price
EV / Adj. EBITDA5.8x1.5x EV / Revenue
ConsiderationAll cash$22.50 per share
Transaction
- Acquirer
- Stonepeak
- Target
- Air Transport Services Group, Inc. (ATSG)
- Buyer type
- Private equity
- Offer price per share
- $22.50
- Enterprise value
- $3.10B
- Status
- Closed Apr 11, 2025
Deal protections
- Break fee (target pays)
- $55.3M · 1.8%
- Reverse fee (buyer pays)
- $150M · 4.8%
- Go-shop
- Go-shop
- Financing
- Committed · Barclays, RBC Capital Markets, Wells Fargo, Jefferies
Advisors
- To the acquirer
- Evercore
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 29.3% vs. 34.0% sector median
- EV / Adj. EBITDA
- 5.8x vs. 9.9x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedNov 4, 2024
- Proxy filedDec 23, 2024
- Definitive proxyJan 6, 2025
- Shareholder voteFeb 10, 2025
- ClosedApr 11, 2025
Valuation · fairness opinions
Discounted cash flow$20.75$28.25
Future share price$19.50$26.50
Premiums paid$19.25$26.00
Offer $22.50
Implied value per Air Transport Services Group, Inc. share by analysis, from Goldman Sachs · DCF discount rate 8%–9.5%.