Press release
Fortress Transportation and Infrastructure Investors LLC Announces Confidential Submission of Form 10 Registration Statement for Potential Spin-Off of Infrastructure Business
NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) today announced that it has confidentially
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) today announced that it has confidentially submitted with the U.S. Securities and Exchange Commission (SEC) a Form 10 registration statement with respect to the potential spin-off of its infrastructure business. FTAI believes that, if completed, the potential spin-off would allow each company to more effectively pursue its distinct operating priorities, strategies and capital allocation policies, while also allowing shareholders to separately evaluate and value the companies based on their distinct markets, strategies and performance. If FTAI proceeds with the spin-off, it would be intended to be structured as pro rata distribution to all FTAI common shareholders as of a record date to be determined by FTAI’s board of directors. If completed, upon effectiveness of the transaction, FTAI common shareholders would own shares of both companies. Completion of the potential transaction would be subject to various conditions, including final approval of FTAI’s board of directors, and there can be no assurance that the potential spin-off transaction will be completed in the manner described above, or at all. If FTAI proceeds with the spin-off, it currently would expect to complete the transaction in the first half of 2022. In connection with the foregoing, Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding the potential spin-off of our infrastructure business into a newly created and separately traded public company and our preliminary strategic, operational and financial considerations related thereto. We are currently exploring the spin-off. It has not been approved by our board of directors, and our statements with respect thereto are preliminary in nature and subject to change as addition...