Stonepeak Partners Sold Omni Air Before Chicago Vote

The firm offloaded the airline to secure a $2.53 billion parking meter contract with the City of Chicago.

Updated on Sept. 28, 2026 in Air Travel

Isometric editorial illustration showing a parking meter head and an aircraft turbine blade on a plinth, representing infrastructure and aviation divestment. — Stonepeak Partners sold Omni Air International to OAI Holdings, LLC, clearing a hurdle for its $2.53 billion bid to operate Chicago's parking meters. AI Illustration. Upload story photo >

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Stonepeak Partners has completed the sale of Omni Air International to OAI Holdings, LLC, a move required by city alderpeople to advance a new parking meter deal. The firm proposed a $2.53 billion acquisition of the contract governing 36,000 city parking meters.

Why it matters

Progressive members of the Chicago City Council refused to support the parking meter agreement unless Stonepeak divested from Omni Air, which holds a contract for Department of Homeland Security deportation flights. The firm sold the airline to focus on its core air cargo and aviation service businesses.

Stonepeak committed to paying Chicago $75 million upfront and sharing 5% of future profits from the 36,000-meter portfolio. These payments are expected to generate $376.2 million for the city over the remaining 57 years of the original 2008 lease.

The players

Stonepeak Partners

This is an investment firm that specializes in infrastructure and is seeking to acquire Chicago's parking meter contract.

Omni Air International

This airline provides long-haul aviation services and currently holds a contract for deportation flights with the Department of Homeland Security.

OAI Holdings, LLC

This is the entity that acquired Omni Air International from Stonepeak Partners.

Chicago City Council

This legislative body is responsible for voting on the proposed $2.53 billion parking meter contract and managing municipal infrastructure deals.

The details

The city originally leased its parking meters in 2008 for $1.15 billion. The new deal negotiated by alderpeople requires the firm to maintain financial transparency regarding the profit-sharing arrangement as part of the total $2.53 billion acquisition plan.

The original parking meter lease was signed in 2008.
Stonepeak initiated talks with the City Council in July 2026.
Alderpeople announced the negotiated deal on September 15, 2026.
Stonepeak announced the sale of Omni Air on September 28, 2026.
The City Council is scheduled to vote on the meter deal on September 29, 2026.

Travel Outlook

The deal reflects long-term shifts in municipal asset management and the ongoing financial legacy of the 2008 Chicago Parking Meters Lease. This agreement marks a departure from original lease terms by introducing a profit-sharing model to supplement city revenue over the coming decades.

Residents should anticipate that the outcome of the upcoming council vote could impact municipal budget planning for decades to come. The deal governs the operation of 36,000 city parking meters, which directly influences street-level parking availability and enforcement in the city.

The takeaway

This divestment underscores how municipal policy can force private equity firms to alter their portfolios to satisfy public oversight. Residents should monitor the City Council vote closely, as it will determine the financial trajectory of one of the city's most significant infrastructure assets.