FREIGHTER airline Atlas Air Worldwide has announced it is being acquired by investment funds led by apollo Global Management in an all-cash deal that values the company at $5.2 billion, reports New York FreightWaves.
The buyout, which takes the company private, signifies a strong endorsement of future growth prospects for the air cargo industry, the parties claim.
Rumors had swirled all week that Nasdaq-listed Atlas Air was in final negotiations with Apollo on a buyout. Partnering with New York-listed Apollo on the investment are JF Lehman & Co and Hill City Capital.
Under the terms of the agreement, Atlas Air shareholders will receive US$102.50 per share, representing a 57 per cent premium to the 30-day average trading price of Atlas common stock through July 29. The consortium paid a reasonable price for Atlas Air, analysts say.
The Apollo consortium will pay about $3 billion and assume about $2.2 billion in debt and aircraft leases.
The transaction is expected to close in the fourth quarter or early 2023, subject to regulatory review and approval by Atlas shareholders. The company will be delisted from the Nasdaq exchange.
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The buyout, which takes the company private, signifies a strong endorsement of future growth prospects for the air cargo industry, the parties claim.
Rumors had swirled all week that Nasdaq-listed Atlas Air was in final negotiations with Apollo on a buyout. Partnering with New York-listed Apollo on the investment are JF Lehman & Co and Hill City Capital.
Under the terms of the agreement, Atlas Air shareholders will receive US$102.50 per share, representing a 57 per cent premium to the 30-day average trading price of Atlas common stock through July 29. The consortium paid a reasonable price for Atlas Air, analysts say.
The Apollo consortium will pay about $3 billion and assume about $2.2 billion in debt and aircraft leases.
The transaction is expected to close in the fourth quarter or early 2023, subject to regulatory review and approval by Atlas shareholders. The company will be delisted from the Nasdaq exchange.
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