Buyout firm KKR & Co. agreed to acquire Atlantic Aviation from Macquarie Infrastructure Corp.

KKR will pay $4.48 billion in cash, assumed debt and restructuring obligations, it said in a statement Monday, confirming an earlier Bloomberg News report. The purchase price is 16.2 times the company’s earnings before interest, taxes, depreciation and amortization in 2019.

Atlantic Aviation offers hangar space, aircraft maintenance and other services. The sale will result in around $3.3 billion of cash proceeds for distribution to Macquarie Infrastructure’s investors. The board of directors is expected to authorize a cash distribution of about $37.35 per unit when the deal is completed, according to the statement.

KKR is investing in Atlantic Aviation primarily through its infrastructure arm and its core-investments strategy, which typically holds assets for longer periods. The deal is expected to close in the fourth quarter, subject to regulatory clearance and approval from Macquarie Infrastructure shareholders.

Lazard Ltd. and Evercore Inc. advised Macquarie on the deal, while KKR worked with Jefferies Financial Group Inc.

Bloomberg News reported in January that Macquarie had resumed seeking bids for Atlantic Aviation. It initially began fielding interest in the business last year before the coronavirus pandemic hit, then focused its attention elsewhere in the portfolio, people familiar with the matter have said.