Macquarie agrees to sell Atlantic Aviation to KKR for $4.475bn

Macquarie Infrastructure Corporation (MIC) and KKR have signed 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 US providing a full suite of critical services to the private aviation sector. The purchase price implies a multiple of Atlantic Aviation’s 2019 Earnings Before Interest Taxes and Depreciation (EBITDA) of 16.2 times. MIC expects to receive $3.525 billion at closing following the reorganization of MIC into a limited liability company, Macquarie Infrastructure