Air Transport Services Group, a provider of freighter aircraft leasing and air transport services, announced Monday that its stockholders have approved the company’s proposed merger with infrastructure investment firm Stonepeak.

The deal, which values ATSG at approximately $3 billion, is set to close in the first half of 2025, pending regulatory approvals and customary closing conditions. Under the terms of the merger agreement, ATSG stockholders will receive $22.50 per share in cash. Upon completion, ATSG will become a privately held company, and its shares will no longer be traded on NASDAQ.

The merger aligns with Stonepeak’s strategy of investing in critical transportation and logistics infrastructure. With approximately $72 billion in assets under management, the alternative investment firm has a global portfolio spanning digital infrastructure, energy and real estate.

ATSG operates a leading fleet of Boeing 767 and Airbus A321 freighters, with plans to expand into Airbus A330 conversions. Its portfolio of subsidiaries provides integrated aircraft leasing, air cargo operations, maintenance and ground support services.

Final voting results from the special stockholder meeting will be filed in a Form 8-K with the U.S. Securities and Exchange Commission.