Macquarie Infrastructure Corporation (NYSE: MIC) (“MIC” or ”Company”), today announced the results of shareholder voting on its proposed sale of its Atlantic Aviation business to KKR and proposed merger of its MIC Hawaii businesses with an entity managed by Argo Infrastructure Partners LP (“Argo”).
Company shareholders voted overwhelmingly to approve both transactions with 99.6% of ballots (including abstentions) cast in favor of the proposed sales. Votes representing over 67% of the Company’s shares outstanding were cast.
With support for the sales affirmed, MIC is expected to effect a previously approved reorganization into a limited liability company treated as a partnership for tax purposes and to distribute its MIC Hawaii businesses up to the limited liability company. The reorganization and distribution of the MIC Hawaii businesses are expected to be completed on September 22, 2021.
The closing of the sale of Atlantic Aviation to an affiliate of KKR is expected to occur on September 23, 2021. The merger of the Company’s MIC Hawaii businesses into an entity managed by Argo is expected to occur in the first half of 2022.
MIC owns and operates businesses providing basic services to customers in the United States. Its businesses consist of an airport services business, Atlantic Aviation, and entities comprising an energy services, production and distribution segment, MIC Hawaii. For additional information, please visit the MIC website at www.macquarie.com/mic.
MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.
Jay A. Davis