Air cargo aircraft operator Atlas Air Worldwide Holdings has completed its $110 million acquisition of Southern Air Holdings, a provider of intercontinental and domestic crew, maintenance and insurance services.
Air cargo aircraft operator Atlas Air Worldwide Holdings has completed its acquisition of Southern Air Holdings, a provider of intercontinental and domestic crew, maintenance and insurance services.
The deal is valued at about $110 million, and Atlas Air said it did not assume any debt in connection to the acquisition.
Atlas Air announced its intention to acquire Southern Air in mid-January, subject to approvals.
Southern Air is the parent company of Worldwide Air Logistics Group, and its two operating subsidiaries include Southern Air and Florida West International Airways.
Atlas Air said the acquisition provides it with immediate entry into Boeing 777 and 737 plane operations.
“Together, we will be a stronger, more diversified, more profitable company offering access to the widest range of modern, efficient aircraft for domestic, regional and international applications,” said William J. Flynn, Atlas Air’s president and chief executive officer, in a statement.
With Southern Air’s assets, Atlas Air will have a fleet of more than 75 aircraft.
Atlas Air completes Southern Air purchase
