April 8 - In a deal worth USD110 million, Atlas Air Worldwide Holdings has completed its acquisition of Southern Air Holdings.
First announced in January this year and funded with cash in hand, completion of the deal was announced yesterday (April the 7th), providing Atlas Air Worldwide with immediate entry into Boeing 777 and 737 aircraft operating platforms.
William J. Flynn, president and chief executive officer of Atlas Air Worldwide said: "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.
"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 five Boeing 777 and five Boeing 737 CMI (crew, maintenance and insurance) aircraft complement Atlas Air Worldwide's Boeing 747 ACMI (aircraft, crew, maintenance and insurance) and charter operations, its Boeing 747 and 767 CMI services, and its freighter-centric dry leasing portfolio of Boeing 777, 757 and 737 aircraft. In total, the combined operation will have a fleet of more than 75 aircraft.