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Macquarie Infrastructure Company (NYSE: MIC), an owner and operator of infrastructure businesses in the US, has announced that it has completed its previously disclosed purchase of the two fixed base operations (FBOs) at Mineta San Jose International Airport known as the San Jose Jet Center (SJJC).
The acquisition was completed by MIC on 17 August. The company said that the acquired FBOs will be combined with MIC's existing Atlantic Aviation sites.
MIC paid an aggregate USD163.4m, including integration expenses and transaction related costs for SJJC. A portion of the acquisition was funded by MIC with USD60m drawn on its acquisition-related revolving credit facility. The remainder was funded with an USD80m 2-year term loan at the SJJC level and cash.
The FBOs will be rebranded and integrated into the company's existing Atlantic Aviation operations. The integration is expected to take place over a period of 12 to 18 months.
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