Atlas Air Worldwide completes acquisition of Southern Air Holdings

Atlas Air Worldwide Holdings completed (07-Apr-2016) the acquisition of Southern Air Holdings in an immediately accretive transaction for a cash consideration of approximately USD110 million. Atlas Air did not assume any debt in connection with the acquisition. The acquisition provides Atlas Air with immediate entry into Boeing 737 and 777 operating platforms with opportunities for additional growth. Southern Air's five 737 and five 777 CMI aircraft will complement Atlas Air's 747 ACMI and charter operations, 747 and 767 CMI services and it 737, 757 and 777 dry leasing portfolio. The companies will have a combined fleet of more than 75 aircraft. The combination with Southern Air is expected to add approximately USD100 million in annualised revenues to Atlas Air. Southern Air Holdings is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways. [more - original PR]