MIC - Why Macquarie Infrastructure Stock Rallied 11% at the Open Today
Shares of Macquarie Infrastructure (NYSE: MIC) rose just shy of 12% at one point in the first hour of trading on Monday. The big news is that the investment company, which owns a diversified portfolio of infrastructure assets, announced the sale of one of its entities to KKR (NYSE: KKR) .
Macquarie Infrastructure is selling its Atlantic Aviation Group to KKR for $4.475 billion in cash and assumed debt. Atlantic Aviation provides fuel and hangar services to private aircraft at 69 U.S. airports and is the larger of Macquarie Infrastructure's two main divisions. The sale is expected to close in the fourth quarter with Macquarie collecting roughly $3.525 billion in cash from the deal; it will pay its external manager $227 million. But all of this news isn't likely why investors are excited here.
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Why Macquarie Infrastructure Stock Rallied 11% at the Open Today