It's not often that an M&A transaction expands a company's present-day business, improves its tax situation, upgrades its growth prospects, and removes operating risk from the business. And yet, Macquarie Infrastructure Company LLC (NYSE:MIC) achieved all of that when it bought its partners' 50% interest in International Matex Tank Terminals (or IMTT)). I liked Macquarie back in December and even after this 30% run in the shares I still believe the shares are an undervalued play on quality infrastructure assets.
Sluggish Q2 Results Not The Big Story
Macquarie Infrastructure reported operating results for the second quarter that came in a little weak, though without any particular problems that should linger on.
Revenue rose 11%, with all of the...
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