Macquarie Infrastructure Corporation (MIC) and KKR have signed a definitive agreement for MIC to sell its Atlantic Aviation business to KKR for US$4.475 billion in cash and assumed debt and reorganization obligations. Atlantic Aviation operates networks of fixed base operations (FBOs) in the USA and provides a full suite of critical services to the private aviation sector.

MIC expects to receive US$3.525 billion at closing following the reorganization of MIC into a limited liability company, Macquarie Infrastructure Holdings LLC (MIH). The Atlantic Aviation sale is expected to result in cash proceeds of approximately US$3.298 billion. The sale is estimated to close in the fourth quarter of 2021, subject to customary regulatory approvals and approval from MIC shareholders.

Lazard and Evercore acted as financial advisors, while White & Case acted as a legal advisor to MIC in connection with the sale of Atlantic Aviation. Jefferies LLC served as a financial advisor and Kirkland & Ellis as a legal advisor to KKR.