MIC Announces Completion of Merger With Argo

Rhea-AI Summary

Macquarie Infrastructure Holdings has completed its merger with an affiliate of Argo Infrastructure Partners as of July 21, 2022. Unitholders will receive a cash consideration of $4.11 per unit, reflecting a significant 36% premium over prior equity prices. This merger leads to the delisting of MIC from the New York Stock Exchange. CEO Christopher Frost expressed satisfaction with the merger, citing enhanced safety and financial performance alongside reduced environmental impacts. Lazard and Evercore served as financial advisors, while White & Case provided legal counsel.

Positive

• Merger consideration of $4.11 per unit reflects a 36% premium over previous equity price.
• Completion of the merger unlocks value for equity holders.
• Improvements in safety and financial performance have been achieved.

Negative

• Units of MIC have been delisted from the New York Stock Exchange.

• Transaction closed on July 21, 2022
• Merger consideration of $4.11 per unit in cash
• Closing results in delisting of MIC

NEW YORK--(BUSINESS WIRE)-- Macquarie Infrastructure Holdings, LLC (NYSE: MIC) (the “Company”) today announced that it has completed its merger with an affiliate of Argo Infrastructure Partners, LP and that units of the Company have been delisted from the New York Stock Exchange.

Unitholders of the Company will receive merger consideration of $4.11 per unit in cash as a result of the transaction.

“We are pleased to have successfully completed the final phase of the unlocking of value for equity holders,” said Christopher Frost, chief executive officer of MIC. “The pursuit of strategic alternatives has generated proceeds of $52.50 or a 36% premium to the MIC equity price prior to our announcement of the pursuit of strategic alternatives. Together with improvements in safety and financial performance, and the reduction in the environmental impact of each of our portfolio businesses, a broad range of stakeholders has benefitted under our stewardship.”

MIC completed sales of its International-Matex Tank Terminals business in 2020 and its Atlantic Aviation business in 2021.

Lazard and Evercore acted as financial advisors and White & Case acted as legal counsel to MIC in connection with the merger of the Company with Argo.

About 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220720006094/en/

Investors

Jay A. Davis

Investor Relations

MIC

+1 212-231-1825

Media

Lee Lubarsky

Corporate Communications

MIC

+1 212-231-2638

Source: Macquarie Infrastructure Holdings, LLC

FAQ

What is the merger consideration for Macquarie Infrastructure Holdings (MIC)?

The merger consideration is $4.11 per unit in cash.

When was the merger with Argo Infrastructure Partners completed?

The merger was completed on July 21, 2022.

What impact does the merger have on the stock listing of MIC?

As a result of the merger, units of MIC have been delisted from the New York Stock Exchange.

What premium did unitholders receive compared to MIC's equity price before the merger announcement?

Unitholders received a 36% premium compared to the MIC equity price prior to the announcement.