Macquarie Infrastructure (MIC) Raises Quarterly Dividend 1.3% to $0.95; 6.2% Yield
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Macquarie Infrastructure (MIC) Price Target Raised at Wells Fargo
July 8, 2014 10:24 AM EDTWells Fargo reiterated an Outperform rating on Macquarie Infrastructure (NYSE: MIC) and raised its price target to $62-$68 (from $59-$65). Yesterday it entered into an agreement to acquire the 50% of International-Matex Tank Terminals it does not currently own. Analyst Brendan Maiorana noted core... More
Macquarie Infrastructure (MIC) to Acquire Remaining IMTT Stake in $1.03B Deal
July 7, 2014 4:20 PM EDTMacquarie Infrastructure (NYSE: MIC) has entered into an agreement to acquire the 50% of International-Matex Tank Terminals, or IMTT, it does not currently own. Under the terms of the agreement, MIC will purchase the remainder interest from members of the business founding family for $910.0 million in cash and $115.0 million in stock.
MIC acquired its initial 50% stake in IMTT in May of 2006.
The announced terms imply an enterprise value for IMTT of 10.7 times the business trailing twelve month EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) to March 31, 2014 of $279.6 million.
Our acquisition of the... More
