Acquisition by Apollo-led investor group is expected to close in the fourth quarter 2022 or first quarter 2023, taking the US freighter operating giant into private ownership

Atlas Air Worldwide has entered into a definitive agreement to be acquired by an investor consortium led by funds managed by affiliates of Apollo, together with investment affiliates of J.F. Lehman & Company and Hill City Capital, in an all-cash transaction with an enterprise valuation of approximately $5.2 billion.

Upon completion of the transaction, Atlas Air Worldwide will become a privately held company and will continue operating under the Atlas Air Worldwide name, be led by John Dietrich and the current executive team, and maintain its global presence.

John Dietrich, president and CEO of Atlas Air Worldwide, commented: “Over our 30-year history, Atlas Air Worldwide has grown to become a global leader in airfreight, delivering high-quality services to our diverse roster of customers around the world.

“Following the closing of the sale to the Consortium, we will seek to leverage their resources, relationships and industry expertise to build on our strong financial and operational performance. Their investment in our company demonstrates their confidence in our people and our culture as we serve the growing needs of the global supply chain.”

On behalf of the consortium, Apollo partners Antoine Munfakh and Jason Scheir, and J.F. Lehman & Company partner Alex Harman stated: “With the strong market demand and long-term secular tailwinds for global air cargo services, Atlas is poised to capitalise on many opportunities for continued growth as a fund portfolio company of Apollo, J.F. Lehman and Hill City. We look forward to leveraging our resources, capital and experience in the sector to support the talented Atlas team, alongside our partners in this exciting next phase.”

The transaction is expected to close in the fourth quarter of 2022 or first quarter 2023, subject to customary closing conditions, including approval by Atlas Air Worldwide shareholders and receipt of regulatory approvals.