News
Atlas Air Worldwide says sale to investment group to be completed within six months
November 4th 2022
An investor group’s proposed acquisition of Atlas Air Worldwide, announced in August, will be finalised in the first quarter of 2023 at the latest, the air freighter company said. Read More » The investor vehicle includes funds managed by affiliates of Apollo Global Management Inc., investment affiliates of J.F. Lehman & Company LLC and Hill City Capital LP. A special shareholder meeting related to the purchase will be held on November 29. Due to the proposed sale, Atlas Air said it had not held an investor briefing or provided financial guidance for its September quarter. In the three months, net profit at the carrier declined by 49.7%, to US$60.1 million, from a US$119.5 million profit in the same months in 2021. There was continuing strong demand in the quarter, Atlas Air Worldwide CEO, John Dietrich, said, but the company was impacted by operational disruptions from increased COVID-19 cases, particularly in July and August, and the impact of Hurricane Ian in the southern U.S. on operations.
