Atlas Air have announced on April 7th that they have completed the Acquisition of cargo firm Southern Air, who are a provider of domestic and international cargo operations, for $110 million and have not assumed any of the company’s debt with the acquisition. The deal is still subject to customary adjustments between the 2 airlines.
This acquisition gives Atlas Air the chance to expand the aircraft within their portfolio to Boeing B737 & Boeing B777 freighters accordingly. This will enhance the position of Atlas Air in terms of domestic and international operations.
“We are proud to welcome Southern Air, its operating companies, and its professional, experienced workforce to the Atlas family,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide. “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. We have known and respected Southern Air for some time, and we have a lot in common. We are both committed to safety, customer service, and performance excellence. Our complementary operations will also provide a broader array of services for customers and new avenues of business growth, which will generate greater opportunities for employees and drive value for shareholders.”
Southern Air’s 5 B777 and 5 B737 aircraft now complement Atlas Air’s B744, B767, B777, B757 & B737 portfolio. In total, Atlas Air will have a total of 75 aircraft within their fleet after the acquisition of aircraft have been fully completed.