Macquarie Infrastructure Corporation sells its Hawaii businesses to an affiliate of Argo

Macquarie Infrastructure Corporation is selling its Hawaii businesses to an affiliate of Argo Infrastructure Partners LP. 

The transaction is expected to close in the first half of 2022, with the expected consideration of $3.83 per unit. Argo will pay the merger consideration to unitholders and fund transaction costs and a disposition payment to MIC’s external manager of approximately $82 million if the merger closes on or before July 1, 2022. 

Lazard and Evercore acted as financial advisors and White & Case LLP acted as legal advisor to MIC. The terms of the merger agreement correspond to an enterprise value for MIC Hawaii of $514 million including assumed debt and transaction costs. 

For more information visit www.micinc.com