June 14 (Reuters) - Macquarie Infrastructure Corp (MIC) said late on Monday it signed a deal to sell its MIC Hawaii unit to an affiliate of investment manager Argo Infrastructure Partners.
The development comes a week after MIC announced plans to sell its private aviation services network Atlantic Aviation.
“The terms of the merger agreement correspond to an enterprise value for MIC Hawaii of $514 million including assumed debt and transaction costs”, MIC said in a statement.
At the deal's closing, the MIC Hawaii businesses will become a subsidiary of Argo for an expected consideration of $3.83 per unit, the statement added bwnews.pr/2RT1BfY.
MIC Hawaii is the energy services, production and distribution segment of MIC.
Last Monday, the company said it planned to sell Atlantic Aviation to private-equity firm KKR & Co Inc for $4.48 billion. In December, MIC completed a sale of its bulk liquid storage terminal business, IMTT, for $2.67 billion. (Reporting by Kanishka Singh in Bengaluru; Editing by Shailesh Kuber)