MIC - Macquarie Infrastructure sells Hawaii business to Argo for $3.83 per unit

Macquarie Infrastructure Corporation (MIC) has sold its Hawaii businesses to Argo Infrastructure Partners, LP for expected consideration of $3.83 per unit if the merger closes on or before July 1, 2022 and after that consideration will be $4.11 per unit.Argo will fund transaction costs and fund a disposition payment to MIC's external manager of approximately $82M if the merger closes on or before July 1, 2022 or $57M if the merger closes after this date. The transaction is expected to close in the first half of 2022. In October 2019, MIC announced its pursuit of strategic alternatives including a sale of the whole of the Company or its individual operating businesses.In December 2020, MIC completed a sale of its bulk liquid storage terminal business, IMTT, for $2.67B. The proceeds were used to eliminate holding company level debt with the remainder distributed to shareholders as a special dividend of $11.00 per share

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Macquarie Infrastructure sells Hawaii business to Argo for $3.83 per unit