The latest shakeup to the world of aviation was announced via press release last Thursday. Atlas Air, ” a leading global provider of outsourced aircraft and aviation operating services,” said it will be acquired by a group of investors for a total of $5.2 billion.
Atlas is represented in the transaction by Cravath, Swaine & Moore LLP , while the investors, led by Apollo Global Management, are represented by Jones Day and Paul, Weiss, Rifkind, Wharton & Garrison LLP. The press release says that Atlas shareholders will receive $102.50 per share, a 57% premium over the recent average share price and the company will go private.
Per its website, Atlas Air maintains a fleet of Boeing jets of various sizes available for lease with or without crew to be used in passenger charters, cargo, and other applications.
“Over our 30-year history, Atlas Air Worldwide has grown to become a global leader in airfreight, delivering high-quality services to our diverse roster of customers around the world,” said John Dietrich, President and CEO of Atlas.
“Following the closing of the sale to the Consortium, we will seek to leverage their resources, relationships and industry expertise to build on our strong financial and operational performance. Their investment in our company demonstrates their confidence in our people and our culture as we serve the growing needs of the global supply chain.”