Atlas Air Worldwide to acquire Southern Air Holdings

Atlas Air Worldwide Holdings entered (19-Jan-2016) a definitive agreement to acquire Southern Air Holdings in an immediately accretive, all-cash, debt-free transaction valued at approximately USD110 million. The transaction is expected to close in the next few months, subject to closing conditions and US Department of Transportation approval. The combined companies will have a fleet of more than 75 aircraft. The combination is expected to add approximately USD100 million to Atlas Air Worldwide's annual revenues. Atlas Air Worldwide president and CEO William J Flynn said the transaction will provide "substantial opportunities" especially in Boeing 737F and 777F operations. Mr Flynn said, "The result will be a more diversified and profitable company...with a broader mix of services and a greater scale and global footprint." Southern Air Holdings is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways. Southern Air's main operating company currently operates five 777-200Fs and five 737-400Fs under CMI agreements with DHL Express. [more - original PR]