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Stonepeak is reportedly engaged in advanced discussions to purchase Air Transport Services Group (ATSG), a key player in aircraft leasing and cargo transportation services, for approximately $3.1 billion, inclusive of debt.

The potential acquisition highlights the increasing importance of air cargo logistics in today's economy, as businesses increasingly depend on quick delivery services.

The New York-based investment firm aims to purchase ATSG at a price of $22.50 per share, which is an almost 30% premium compared to the company's closing price on Friday, Reuters reported, citing people familiar with the matter.

If the discussions proceed smoothly, the billion-dollar deal could be made as early as Monday, according to the report.

ATSG has positioned itself as an attractive target for acquisition, particularly as global online shopping continues to surge. The rise in demand for faster delivery times from both e-commerce and brick-and-mortar retailers has made air cargo transport an essential component of today's business operations.

Founded in 1980, ATSG originated from Airborne Freight Corporation, an express freight operator. After DHL acquired Airborne's ground operations, excluding the airline and aircraft maintenance operations that eventually became ATSG.

The company considers Amazon one of its leading customers and leases mid-sized freighters. It has a fleet of 134 aircraft, including Boeing 767 and Airbus A321 jets. With around 5,300 employees and approximately $70 billion of assets under management, ATSG offers air cargo transportation and maintenance services to both domestic and international airlines.

Despite a reported 8% decline in revenue to $488 million for the quarter ending June 30, ATSG remains optimistic. The company experienced a loss of $7 million before taxes, attributed to a reduced number of leased aircraft from key clients.

However, the company anticipates a rebound in demand in the coming quarters, with third-quarter earnings set to be reported on Friday.

Last year, Stonepeak completed the acquisition of Textainer Group, a container lessor, in a $7.4 billion deal. Following the acquisition, Textainer ceased to be listed on the New York and Johannesburg Stock Exchanges.

Based in Bermuda, Textainer serves around 200 customers globally, operating 14 offices and approximately 400 depots.