Atlas Air set to buy Southern Air
Atlas Air Worldwide Holdings has agreed to buy Southern Air Holdings for $110m. The deal is expected to close in the next few months.
Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air, Inc. and Florida West International Airways, Inc.
“We are very pleased to announce a strategically compelling, highly complementary and immediately accretive acquisition of Southern Air,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide. “And we are eager to capitalize on the substantial opportunities that the transaction will provide, especially 777 and 737 aircraft operations.
“The result will be a more diversified and profitable company offering access to the widest range of modern, efficient aircraft, together with a broader mix of services and a greater scale and global footprint that will drive significant value for our customers and shareholders.”
Southern Air’s main operating company currently flies five 777-200Fs and five 737-400Fs under flight services agreements with DHL Express.
Atlas Air Worldwide also works with DHL.
Through its subsidiaries Atlas Air, Inc. and Polar Air Cargo Worldwide, Inc., Atlas Air Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.
Together, the companies will have a fleet of more than 75 aircraft.
