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Macquarie Infrastructure To Sell Atlantic Aviation To KKR For $4.475 Bln - Quick Facts

Macquarie Infrastructure Corp. (MIC) and KKR & Co. Inc. (KKR) announced Monday the signing of a definitive agreement for MIC 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 (FBOs) in the U.S. 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 LLC or MIH. The reorganization was approved by MIC shareholders on May 6, 2021 and is expected be completed shortly before the closing of the Atlantic Aviation sale.

The cash proceeds of approximately $3.298 billion will be 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 closing of the transaction.

The sale of Atlantic Aviation is expected to close in the fourth quarter of 2021, subject to customary regulatory approvals and approval from MIC shareholders.

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