Atlas Air Worldwide Holdings has completed its acquisition of privately held Southern Air Holdings, a premier provider of intercontinental and domestic CMI (crew, maintenance and insurance) services, in an immediately accretive transaction for cash consideration of approximately US$110m, subject to customary adjustments. The company did not assume any debt in connection with the acquisition. The strategically compelling, highly complementary combination provides Atlas Air Worldwide immediate entry into 777 and 737 aircraft operating platforms with opportunities for additional growth, enhancing Atlas Air Worldwide’s position as a leading global provider of outsourced aircraft and aviation operating services. Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways. In total, the companies will have a fleet of more than 75 aircraft. Consistent with prior guidance, the combination with Southern Air is anticipated to add approximately US$100m in annualized revenues to Atlas Air Worldwide. It is also expected to be immediately accretive to Atlas Air Worldwide’s adjusted earnings per share in 2016 with EBITDA and adjusted net income margins in line with Atlas Air Worldwide’s.
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Atlas Air Worldwide acquires Southern Air for US$110m
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