Stock Alert: Why Is Macquarie Infrastructure Gaining Over 10%?

(RTTNews) - Shares of Macquarie Infrastructure Corp. (MIC) are currently gaining over 10% after the company announced deal to sell it Atlantic Aviation business to KKR for $4.475 billion in cash and assumed debt and reorganization obligations.

MIC is currently trading at $38.70, up $3.70 or 10.57%, on the Nasdaq.

According to the company, the price indicates a multiple of Atlantic Aviation's 2019 EBITDA of 16.2 times.

Macquarie expects to receive $3.525 billion at closing following the reorganization of MIC into a limited liability company, Macquarie Infrastructure Holdings LLC.