January 19, 2016 - Atlas Air Worldwide Holdings,
Inc. parent company of New York based cargo and
passenger charter airline Atlas Air, announced
today the company has entered into a agreement
to acquire privately held Southern Air Holdings,
Southern Air Holdings, is the parent company of
Worldwide Air Logistics Group and its two
operating subsidiaries, Southern Air, Inc. and
Florida West International Airways, Inc.
The purchase price of the Kentucky based air
cargo services company, Southern Air Holdings is
said to be an all-cash, debt-free transaction,
valued at approximately $110 million. Atlas Air
Worldwide intends to fund the acquisition of
Southern Air using available cash on hand.
The transaction provides Atlas Air Worldwide
immediate entry into 777 and 737 aircraft
operating platforms, with potential for
developing additional business with existing and
new customers of both companies.