ATSG Concludes Public Market Chapter with Stonepeak Acquisition

The Air Transport Services Group (ATSG) has completed its transition to private ownership, marking the end of its tenure as a publicly traded entity. Stonepeak, a leading investment firm, finalized the acquisition in April 2025, resulting in the company's delisting from the Nasdaq exchange. Shareholders received $22.50 per share in the transaction that transferred the air cargo specialist entirely into private hands.

Stonepeak's acquisition valued ATSG at approximately $3.1 billion. The $22.50 per share price represented a substantial 29.3% premium over the stock's trading level immediately before the deal announcement. When measured against the 90-day average share price, the premium reached an even more impressive 45.5%.

The shareholder approval process concluded in February 2025, giving the green light to the transaction. During a previously established "go-shop" period, ATSG had the opportunity to solicit competing offers but found none that could surpass Stonepeak's proposal.

Should investors sell immediately? Or is it worth buying ATSG?

Final Settlement for Bondholders

The ownership change also triggered important provisions for holders of ATSG's 3.875% convertible notes. These investors became eligible to redeem their securities at par value plus any accrued interest, effectively closing the book on the company's publicly traded debt instruments.

New Strategic Direction Away from Public Markets

With ATSG now operating under private ownership, the company gains freedom from quarterly earnings pressure and can implement longer-term strategic initiatives. Stonepeak's investment thesis centers on the expanding air cargo market, which continues to benefit from e-commerce growth and evolving global supply chain dynamics.

For public market participants, this development means the conclusion of tracking ATSG's performance through conventional channels. The absence of future stock price movements, analyst coverage, and quarterly financial reports signals that the company's ongoing narrative will unfold outside the public spotlight, with Stonepeak and its investment partners as the primary audience for subsequent chapters.