Southern Air Holdings Inc. has entered into a definitive agreement to be acquired by Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) in an all-cash, debt-free transaction valued at approximately USD110 million, the company said.
The transaction is subject to customary closing conditions and approval by the US Department of Transportation, and is expected to close in the next few months.
The transaction includes Worldwide Air Logistics Group, Inc. and its two operating subsidiaries, Southern Air, Inc. and Florida West International Airways, Inc. Southern Air will continue to operate in Florence, Kentucky and Florida West will continue to operate in Miami, upon closing of the transaction as subsidiaries of Atlas Air Worldwide.
Atlas Air Worldwide is the parent company of Atlas Air, Inc., Titan Aviation Holdings, Inc. and is the majority shareholder of Polar Air Cargo Worldwide, Inc.
Southern Air Holdings Inc. is located at the Cincinnati/Northern Kentucky International Airport (CVG), which is also a hub for DHL Express, the leading global brand in the logistics industry and Southern Air´s primary customer. Southern currently operates five Boeing 777-200Fs and five 737-400Fs under agreements with DHL Express. Florida West, based in Miami, Florida, operates scheduled and charter services using three Boeing 767-300F aircraft for LAN Cargo.
Southern Air Holdings provides domestic and international ACMI and CMI air cargo services through its separate operating subsidiaries, Southern Air Inc., which operates Boeing 777 and 737-400 aircraft, and Florida West International Airways, Inc., which operates Boeing 767-300 aircraft.
Atlas Air Worldwide is a leading provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Holdings, Inc. (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, Atlas Air Worldwide operates the world´s largest fleet of Boeing 747 freighter aircraft.