MIC Announces Results of Voting at Special Meeting of Shareholders

Rhea-AI Summary

Macquarie Infrastructure Corporation (NYSE: MIC) announced that shareholders overwhelmingly approved the sale of its Atlantic Aviation business to KKR, with a remarkable 99.6% favorable vote. This decision initiates a reorganization into a limited liability company for tax benefits, with the distribution of MIC Hawaii businesses anticipated by September 22, 2021. The sale's closing is set for September 23, 2021, and the merger of MIC Hawaii is expected in the first half of 2022.

Positive

• Shareholders approved the sale of Atlantic Aviation with 99.6% in favor.
• Reorganization into a limited liability company may optimize tax treatment.
• Expected closing of Atlantic Aviation sale on September 23, 2021.

Negative

• None.

• Shareholders approve proposed sales of Atlantic Aviation, MIC Hawaii
• Vote triggers previously approved reorganization into a limited liability company

NEW YORK--(BUSINESS WIRE)-- 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.

About MIC

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005966/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 Corporation

FAQ

What was the outcome of the shareholder vote for MIC?

Shareholders voted 99.6% in favor of the proposed sale of Atlantic Aviation.

When does the reorganization of MIC into a limited liability company occur?

The reorganization is expected to be completed on September 22, 2021.

What is the expected closing date for the Atlantic Aviation sale?

The sale is expected to close on September 23, 2021.

When will the merger of MIC Hawaii businesses with Argo take place?

The merger is anticipated in the first half of 2022.