January 20 - Atlas Air Worldwide Holdings has entered into a definitive agreement to acquire the privately-held intercontinental and domestic air cargo services provider Southern Air Holdings in a USD110 million deal.
The transaction is subject to customary closing conditions and approval by the US Department of Transportation (DOT), 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 and Florida West International Airways.
Atlas Air says that the transaction will provide it with immediate entry into Boeing 777 and 737 aircraft operating platforms, with Southern Air currently flying five 777-200Fs and five 737-400Fs under flight agreements with DHL.
Atlas Air added that both companies have complementary operations that will help provide seamless operations for its customers; while also enhancing Atlas Air's position as a provider of outsourced aircraft and aviation operating services.
Together, the two companies will have a fleet of more than 75 aircraft, and the acquisition is expected to add around USD100 million to Atlas Air's worldwide revenues.
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