KKR to Buy Macquarie’s Atlantic Aviation in $4.48 Billion Deal

Buyout firm KKR & Co. agreed to acquire Atlantic Aviation from Macquarie Infrastructure Corp.

KKR will pay $4.48 billion in cash, assumed debt and restructuring obligations, it said in a statement Monday, confirming an earlier Bloomberg News report. The purchase price is 16.2 times the company’s earnings before interest, taxes, depreciation and amortization in 2019.

Atlantic Aviation offers hangar space, aircraft maintenance and other services. The sale will result in around $3.3 billion of cash proceeds for distribution to Macquarie Infrastructure’s investors. The board of directors is expected to authorize a cash distribution of about $37.35 per unit when ...