Blackstone Infrastructure Acquires 22% Minority Stake in AGS Airports

Blackstone-Led Investor Group Makes Minority Investment in Aeroplan

August 11, 2026

Financial Services

An investor group led by Blackstone and La Caisse, with PSP Investments and British Columbia Investment Management Corporation, invested C$2.5 billion for a 25% non-controlling interest in Aeroplan, valuing the loyalty program at C$10 billion. Air Canada retained 75% ownership and operational control; the investment closed on August 17, 2026, with proceeds intended primarily to repay debt and support Air Canada's capital-management plans.

Lone Star Funds Acquires Alliance Ground International

January 22, 2026

Transportation

Lone Star Funds, through an affiliate of Lone Star Fund XII, L.P., completed its acquisition of Alliance Ground International (AGI), a North American airport services provider. AGI operates at more than 60 airports across the United States and Canada and employs over 12,000 people providing cargo, ground, mail handling, security and hospitality services.

Macquarie Asset Management Acquires Stakes in Bristol and Birmingham Airports

November 3, 2025

Infrastructure

Macquarie Asset Management (through Macquarie European Infrastructure Fund 7), with co-investor LGPS Central Limited (on behalf of West Midlands and Cheshire Pension Funds), has reached financial close to acquire a 55% stake in Bristol Airport and a 26.5% stake in Birmingham Airport. The stakes were purchased from Ontario Teachers' Pension Plan as part of Macquarie's broader UK airports portfolio expansion.

AviAlliance Acquires AGS Airports from Macquarie and Ferrovial

November 13, 2024

Transportation

AviAlliance has agreed to acquire AGS Airports from Macquarie Asset Management (via Macquarie European Infrastructure Fund 4) and Ferrovial for an enterprise value of approximately £1.53 billion. The transaction transfers ownership of the airports serving Aberdeen, Glasgow and Southampton, and is expected to reach financial close by Q1 2025 subject to customary conditions and regulatory approvals.

Stonepeak Completes Acquisition of Air Transport Services Group (ATSG)

November 4, 2024

Transportation

Stonepeak completed its all-cash acquisition of Air Transport Services Group (ATSG) for an enterprise valuation of approximately $3.1 billion. ATSG shareholders received $22.50 per share in cash and ATSG’s common shares ceased trading and delisted from NASDAQ.

Alliance Ground International Acquires Airport Terminal Services

September 12, 2022

Logistics & Distribution

Alliance Ground International (AGI) has acquired Airport Terminal Services (ATS), adding 49 locations across the United States and Canada and marking AGI's first entry into passenger/terminal operations. ATS, founded in 1975 and based in St. Louis, Missouri, has more than 5,500 employees and provides full-range ground handling, cargo handling, refuelling, de-icing and lounge/concierge services.