Atlas Air completes regulatory process to finalize its sale to equity firms

Atlas Air announced that the company had completed all regulatory processes, ending its sale process to several equity firms based in the United States (US).

The company, which offers Aircraft, Crew, Maintenance, and Insurance (ACMI), CMI, and charter services, finalized all regulatory conditions to close its acquisition by funds affiliated with Apollo Global Management, J.F. Lehman & Company, Hill City Capital, and Rand Merger Sub. Following the completion of the process, Atlas Air will merge with Rand Parent, a Delaware, US-based company, with the airline’s entity carrying on as the subsidiary.

“Subject to the satisfaction or waiver of the remaining closing conditions, the Company expects to consummate the Merger on or about March 17, 2023,” Atlas Air noted in its filing.

The acquisition process began on August 4, 2022, when Atlas Air announced it had entered into a sale agreement with an investor group, led by Apollo Management, for an all-cash transaction worth around $5.2 billion. With the operator going private following the merger, Atlas Air’s shareholders would receive $102.50 per share in cash, a 57% premium to the 30-day volume-weighted average trading price as of July 29, 2022. Currently, Atlas Air stock closed at $99.30 on March 14, 2023, while it has been up as much as $102.46 in pre-market trading on March 15, 2023.

In 2022, the company earned $4.5 billion in revenue, ending the year with a net profit of $355.9 million.

Atlas Air had 87 aircraft and operated 25 planes provided by other companies as of December 31, 2022. The company is the largest Boeing 747 operator globally, also having taken delivery of the last-ever 747 on January 31, 2023.