Air, Business, Freight News

Atlas Air Worldwide to Acquire Southern Air

[ January 20, 2016   //   Gary G Burrows ]

Atlas Air Worldwide Holdings, Inc. reveal on January 19 that it has entered into a definitive agreement to acquire privately held Southern Air Holdings, Inc., a premier provider of intercontinental and domestic air cargo services, in an immediately accretive, all-cash, debt-free transaction valued at approximately $110 million.
The transaction is subject to customary closing conditions and approval by the U.S. Department of Transportation, and 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 CEO, Atlas Air Worldwide. “And we are eager to capitalize on the substantial opportunities that the transaction will provide, especially 777 and 737 aircraft operations.

Tags: Atlas Air Worldwide, Southern Air