Apollo Explores $12bn Sale of Atlas Air Cargo Carrier

Apollo Global Management is reportedly considering a potential sale of Atlas Air Worldwide Holdings, the US-based cargo airline operator, in a transaction that could value the business at around USD12 billion, including debt. According to people familiar with the matter cited in media reports, discussions are at an early stage, but initial interest from prospective buyers has already emerged.

Atlas Air, headquartered in New York and operating primarily from New York JFK, is one of the world’s largest providers of outsourced cargo aircraft, crew, maintenance, and insurance (ACMI) services. The company plays a critical role in global logistics networks, operating freighter aircraft on behalf of major customers that include express parcel carriers, e-commerce platforms, airlines, and governments.

Apollo acquired Atlas Air in 2023 as part of a consortium alongside J.F. Lehman & Company and Hill City Capital, taking the company private in a deal that reflected strong investor confidence in long-term air cargo demand. Since then, Atlas Air has continued to benefit from its diversified customer base and long-term contracts, which provide relatively stable cash flows compared with more cyclical passenger airline operations.

Any potential sale would come amid renewed investor interest in aviation assets tied to cargo and logistics, particularly as global supply chains adapt to e-commerce growth, nearshoring trends, and geopolitical uncertainty. While air cargo demand has moderated from pandemic-era peaks, structurally higher volumes and the increasing importance of time-sensitive freight continue to support the sector’s long-term outlook.

Atlas Air operates a large fleet of Boeing freighters, including 747-400Fs, 747-8Fs, 767Fs, and 777Fs, making it one of the most significant widebody cargo operators globally. The airline also provides charter and military airlift services, adding another layer of revenue diversification.

Sources familiar with the matter stressed that Apollo’s review does not guarantee a transaction will occur. Strategic alternatives could range from a full sale to a partial stake divestment or refinancing, depending on market conditions and buyer appetite. Private equity firms frequently reassess portfolio companies as asset values rise or as businesses mature operationally, and Atlas Air’s scale and positioning could make it attractive to both financial and strategic buyers.

Potential acquirers could include infrastructure-focused investors, sovereign wealth funds, or logistics groups seeking greater control over airlift capacity. However, any deal would likely face regulatory scrutiny, particularly given Atlas Air’s role in US government and military transport contracts.

Apollo declined to comment on the reported discussions, and Atlas Air has not made any public statements regarding a possible sale. For now, the airline continues to operate normally, while the reports underscore the strong valuation premium investors are willing to assign to large, contract-driven air cargo platforms in a still-tight global freight market.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com