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Atlas Air Finalizes Sale to Equity Companies

Atlas Air completes the necessary formalities for its sale to equity companies. 

Atlas Air stated that its sale to numerous American equity companies had been completed after the company had successfully completed all regulatory procedures (US). 

In order for funds connected to Apollo Global Management, J.F. Lehman & Company, Hill City Capital, and Rand Merger Sub to complete their acquisition of the business—which provides Aircraft, Crew, Maintenance, and Insurance (ACMI), CMI, and charter services—all regulatory requirements had to be satisfied. After the procedure is through, Atlas Air will merge with Rand Parent, a US firm with a Delaware address, with the airline’s entity continuing as the subsidiary. 

Atlas Air stated in its filing that it expects to complete the merger on or around March 17, 2023, subject to the fulfillment or waiver of the last outstanding closing conditions. 

On August 4, 2022, Atlas Air stated that it had signed a selling agreement with an investment group led by Apollo Management for an all-cash transaction valued at about $5.2 billion. This marked the start of the takeover process. Following the merger, the operator will be taken private, and shareholders of Atlas Air would receive cash payments of $102.50 per share, a 57% premium over the 30-day volume-weighted average trading price as of July 29, 2022. Now trading at $99.30, Atlas Air stock reached a high of $102.46 in pre-market trading on March 15, 2023. It currently trades at that price. 

The business generated $4.5 billion in revenue in 2022, finishing with a net profit of $355.9 million. 

As of December 31, 2022, Atlas Air possessed 87 aircraft and was operating 25 aircraft provided by other businesses. The firm, which will take delivery of the final 747 on January 31, 2023, is the largest Boeing 747 operator in the world.

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