Status: Clearance
Acquirer: Argo Infrastructure Partners, LP (U.S.)
Acquired: MIC Hawaii business of Macquarie Infrastructure Corporation (U.S.)
Value: US$514 million
Industry: Energy; Regulated Utilities
On June 14, 2021, Macquarie Infrastructure Corporation, a publicly traded (NYSE: MIC) infrastructure holding company, announced the signing of a merger agreement with an affiliate of Argo Infrastructure Partners, LP (“Argo”) whereby its MIC Hawaii business will become “a wholly-owned subsidiary of Argo for expected consideration of $3.83 per unit.” (Press Release, Macquarie Infrastructure Corporation Form 8-K, Ex-99.1, June 14, 2021, SEC Filing.) “MIC Hawaii comprises primarily a combined regulated gas utility and unregulated distributor of propane, and several smaller businesses collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii.” (Id.) CFIUS Approval is a condition to the transaction. (See Section 9.1(b), Agreement and Plan of Merger, Macquarie Infrastructure Corporation Form 8-K, Ex-2.1, June 14, 2021, SEC Filing.) MIC announced on May 3, 2022 that it had “received all the approvals other than that from the Hawaii Public Utilities Commission relating to completing the proposed merger.” (Macquarie Infrastructure Holdings LLC, Form 8-K, Ex-99.1, May 3, 2022.) On July 21, 2022, MIC “completed its merger with an affiliate of Argo . . .” (Press Release, Macquarie Infrastructure Holdings LLC, Form 8-K, Ex-99.1, July 21, 2022.)
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