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Stock Market & Financial Investment News

News Breaks
December 12, 2013
07:14 EDTMICMacquarie Infrastructure unit to acquire certain assets of Galaxy Aviation
Macquarie Infrastructure announced that its Atlantic Aviation business has entered into an agreement to acquire certain of the assets of Galaxy Aviation, including substantially all of the assets of five fixed base operations and one new hangar that is currently under construction at one of the five airports at which the FBOs operate, for $195M . The company said that it expects the acquisition to be immediately accretive to proportionately combined free cash flow. MIC expects to fund the acquisition using a combination of cash on hand, a draw on a credit facility of its Atlantic Aviation subsidiary and proceeds from an equity offering launched this morning. The transaction is expected to close in 1Q14, subject to the receipt of consents from the relevant airport authorities and satisfaction of other closing conditions typically associated with a transaction of this size and type.
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