Macquarie Infrastructure Corp (MIC) said late on Monday it signed a deal to sell its MIC Hawaii unit to an affiliate of investment manager Argo Infrastructure Partners.
The development comes a week after MIC announced plans to sell its private aviation services network Atlantic Aviation.
“The terms of the merger agreement correspond to an enterprise value for MIC Hawaii of $514 million including assumed debt and transaction costs”, MIC said in a statement.
At the deal’s closing, the MIC Hawaii businesses will become a subsidiary of Argo for an expected consideration of $3.83 per unit, the statement added.
MIC Hawaii is the energy services, production and distribution segment of MIC.
Last Monday, the company said it planned to sell Atlantic Aviation to private equity firm KKR & Co Inc for $4.48 billion. In December, MIC completed a sale of its bulk liquid storage terminal business, IMTT, for $2.67 billion.
Source: Reuters.com