Investor Group Completes Atlas Air Acquisition

Atlas Air Last 747F on apron
Credit: Boeing

The planned acquisition of Atlas Air Worldwide Holdings by an investor group is now complete. 

Announced in August 2022, the acquisition had been pending final approval by the U.S. Transportation Department. The investor group—led by funds managed by affiliates of Apollo together with investment affiliates of J.F. Lehman & Company and Hill City Capital—announced the deal’s completion on March 17. 

Now a privately held company, the U.S. lessor, cargo and charter airline will continue operating under the Atlas Air Worldwide name, with its executive leadership team and President and CEO John Dietrich remaining at the helm.

“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,” Dietrich said. “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.”

In its fourth quarter (Q4) earnings call, Atlas termed 2022 “one of the best years” in its history, a year that included taking delivery in January of the last 747F to leave Boeing’s production line. The company recorded net income of $355.9 million for 2022—down 27.9% versus 2021. Its full-year revenues were up 12.5% to $4.5 billion, and adjusted EBITDA for the year was $899.2 million, compared to $1.1 billion in 2021.  The company’s Q4 net income fell 28.7% to $126 million.

Under terms announced on Aug. 4, 2022, the investor group acquired all outstanding shares of Atlas Air Worldwide (AAWW) stock, with shareholders entitled to receive $102.50 for each share of AAWW common stock owned. AAWW’s common stock no longer trades on the NASDAQ stock exchange.

Christine Boynton

Christine Boynton covers air transport in the Americas for Aviation Week Network.