Atlas Air gets approval for DHL deal
Atlas Air Worldwide Holdings Inc., which provides air cargo services, on Thursday said it received U.S. Department of Transportation approval of a strategic partnership with delivery company DHL Express.
Under the deal, DHL Express will pay USD 150 million in cash for a minority interest in Atlas Air unit Polar Air Cargo Worldwide Inc. Polar will get a long-term, major customer out of the deal, while DHL will have access to Polar’s aircraft capacity.
Polar said it could see more than USD 3.5 billion in revenue from the 20-year commercial agreement with DHL. The deal is set to close in the late second quarter.
Shares of Atlas Air slipped 29 cents to USD 58.61 in morning trading.
