Macquarie Infrastructure Seeks Bids for Atlantic Aviation

Macquarie Infrastructure Corp. is seeking bids for services provider Atlantic Aviation, according to people with knowledge of the matter.

Atlantic could fetch as much as $4 billion, including debt, if suitors value the company at a similar multiple to rival Signature Aviation Plc, some of the people said, asking not to be identified because the information isn’t public. Atlantic offers hangar space, aircraft maintenance and other services.

Signature this month agreed to a buyout by Global Infrastructure Partners valued at almost $7 billion, including debt, and previously drew interest from Blackstone Group Inc. and its top shareholder, Bill Gates’ Cascade Investment.

A spokesman for MIC declined to comment.

Shares of New York-based MIC have fallen 36% in the past 12 months. The company began fielding interest in Atlantic Aviation last year before the pandemic hit, then focused its attention elsewhere in the portfolio, the people said. In December, it completed the sale of International-Matex Tank Terminals to an affiliate of Riverstone Holdings for $2.7 billion.

“With the successful completion of the sale of IMTT, we will focus our resources on the operation of our remaining businesses, both of which are performing in line with our expectations, and on the sale of the company or those businesses separately as a means of unlocking additional value for shareholders,” Christopher Frost, MIC’s chief executive officer, said at the time. The vehicle’s other remaining asset is Hawaii Gas.

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