FBOs
Macquarie nixes deal to partner with Universal
Universal Weather & Aviation’s deal to enter into a partnership with Australia’s Macquarie Group is off, according to both companies.

Universal Weather & Aviation’s deal to enter into a partnership with Australia’s Macquarie Group is off, according to both companies. On November 21, Universal chairman and owner Greg Evans signed an agreement to partner with a Macquarie Capital Alliance Group and Macquarie Global Opportunities Partners consortium. The agreement called for the Macquarie consortium to buy a stake in Universal for $160 million, valuing the company at $525 million.

On February 11, Macquarie announced, “Universal and the consortium have agreed not to proceed with the investment at this time.” In a statement, Macquarie said, “The decision follows unanticipated legal proceedings commencing against a 51-percent-owned subsidiary of Universal, the outcome of which may not be known in the short term.”