Atlas Air Worldwide shareholders approve sale to Apollo-led fund

Atlas Air Worldwide shareholders, the holding company for Atlas Air, Titan Aviation Leasing and Polar Air Cargo (the latter as the main shareholder), approved at a special meeting held today the sale of the company to an investment fund led by Apollo Global Management, together with J. F. Lehman & Company and Hill City Capital.

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With this step, which follows board approval last August, the transaction is expected to be finalized during the first quarter of 2023, subject to customary closing conditions and receipt of regulatory approvals. At that time Atlas Air Worldwide will cease trading on the Nasdaq Stock Market and become a privately held company.

«We are pleased to receive overwhelming support from Atlas Air Worldwide shareholders, who recognize this transaction provides compelling value to them while giving us the opportunity to execute our strategic plan,» said John Dietrich, president and CEO of Atlas Air Worldwide.

«This is another step forward to completing the transaction as we advance our leadership in airfreight and deliver high-quality services to our customers around the world,» he added.

The sale was approved by 99.3% of the votes cast, representing approximately 80.9% of the company’s outstanding common shares.

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In August it had been reported that the agreed price was around US$5.2 billion, which will be paid in cash. Under the terms of the agreement, Atlas Air shareholders will receive $102.50 per share, a 57% premium over last June’s share price.

The holding’s airlines operate the largest fleet of 747 freighters (51 units), which are complemented by 2 777s, 24 767Fs and 8 737Fs. Polar Air Cargo operates 6 747-8Fs, 4 767Fs and 8 777Fs.