Macquarie Infrastructure Company Completes Sale of Airport Management Contracts
Date : 01/13/2009 @ 2:21PM
Source : Business Wire
Stock : Macquarie Infrastructure Company (MIC)
Quote : 2.37 -0.04 (-1.66%) @ 8:00PM
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Macquarie Infrastructure Company Completes Sale of Airport Management Contracts
Macquarie Infrastructure Company, through a wholly owned subsidiary, has completed a previously announced sale of its seven airport management contracts. The sale of the contracts to Aviation Facilities Company, Inc. (“AFCO”) closed on January 1st.
The sale is unrelated to and will have no impact on the Company’s network of fixed base operations (“FBOs”) managed under the Atlantic Aviation brand.
“The airport management contracts were a legacy of our original acquisition in the airport services business” said Peter Stokes, Chief Executive Officer of Macquarie Infrastructure Company. “This division has been managed separately from the FBOs and the sale facilitates a focus exclusively on the operation and development of our FBO business”.
The airport management contracts, operated under the AvPorts brand, collectively represented less than one half of one percent of revenue and EBITDA of MIC’s airport services segment.
MIC announced that it had entered into an agreement for sale of the management contracts in February of 2008.
