Atlas Air Worldwide acquisition completed

The acquisition of Atlas Air Worldwide by an investor group has been completed.

The investor group is led by funds managed by affiliates of Apollo, together with investment affiliates of J.F. Lehman & Company and Hill City Capital.

Atlas Air said it would continue to maintain its global presence and operate under the same name. The company will still be led by president and chief executive officer John Dietrich and its current executive leadership team.

“Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City,” said Dietrich. “With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain. I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our company and our employees.”

On behalf of the investor group, Apollo partners Antoine Munfakh and Jason Scheir, J.F. Lehman partner Alex Harman and Hill City Capital chief investment officer Chip Frazier said: “We are thrilled to partner with the talented Atlas team and build on the company’s strong foundation as a leader in the air freight industry. We have long admired Atlas’ reputation of providing high-quality service to its customers, as well as the financial and operational excellence the team has established. Atlas is poised for continued growth and expansion as it capitalises on the long-term demand for global air cargo services.”

Pursuant to the terms of the transaction announced on 4 August 2022, the investor group acquired all of the outstanding shares of Atlas Air Worldwide stock. Atlas Air Worldwide shareholders are entitled to receive US$102.50 in cash for each share of Atlas Air Worldwide (AAWW) common stock owned. As a result of the transaction completion, Atlas Air Worldwide’s common stock no longer trades on the NASDAQ stock exchange.

Morgan Stanley & Co. LLC served as exclusive financial advisor to Atlas. Cravath, Swaine & Moore LLP served as Atlas’ legal advisor. Evercore acted as lead financial advisor to the investor group. Barclays, Goldman Sachs, and Mizuho Bank served as financial advisors to the investor group, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Apollo and the investor group entity, and Jones Day provided legal advice to J.F. Lehman & Company and Hill City Capital.

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