Atlas Air finalizes Air Atlanta investment
Atlas Air has completed a previously announced deal to take control of Air Atlanta’s freighter fleet and become a minority shareholder in the airline. The post Atlas Air finalizes Air Atlanta investment appeared first on FreightWaves.
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Atlas Air Worldwide Holdings has completed its transaction to take a 49% stake in Iceland-based Air Atlanta, the all-cargo carrier and lessor announced on Monday.
As part of the deal, Atlas Air subsidiary Titan Aviation acquired the 14 widebody freighter aircraft owned by Air Atlanta group of companies and leased them back to Air Atlanta, which will continue to operate the aircraft.
Air Atlanta’s CEO and vice presidents acquired a 51% controlling interest in the operating companies (Air Atlanta Icelandic and Air Atlanta Europe). Air Atlanta will continue to operate under its existing leadership team and operating structure, while both companies collaborate commercially to pursue incremental global growth opportunities.
Air Atlanta Executive Chairman Hannes Hilmarsson will step down after 20 years in leadership roles with the company. Why It Matters: Atlas Air is a major all-cargo carrier. The strategic investment, initially announced on May 28, expands Atlas’ ability to perform cargo operations and offer widebody capacity across key international markets.
Between its Iceland and Malta certified airlines, Air Atlanta operates 18 widebody aircraft and owns 14 of them: 12 Boeing 747-400 cargo jets, two Boeing 777-300 passenger-to-freighter conversions, and four 777 passenger jets. It also owns four Boeing 747-400 cargo jets that are leased to Saudia Cargo, according to aviation databases.
Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@freightwaves. com. RELATED STORIES: New Australia airport has no curfew for cargo campus The post Atlas Air finalizes Air Atlanta investment appeared first on FreightWaves.
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