Atlas Air Worldwide to acquire Southern Air

Atlas Air Worldwide has entered into a definitive agreement to acquire privately held Southern Air Holdings, a premier provider of intercontinental and domestic air cargo services, in an immediately accretive, all-cash, debt-free transaction valued at approximately US$110m. The transaction is subject to customary closing conditions and approval by the U.S. Department of Transportation, and is expected to close in the next few months. Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways.