Atlas Air (NASDAQ: AAWW ) Worldwide Holdings (AAWW) is set to be taken private by an investor group led by Apollo Global Management (NYSE: APO ) in an all-cash transaction with an enterprise valuation of approximately $5.2 billion.
The Apollo-led group will pay Atlas (NYSE: ATCO ) Air Worldwide shareholders $102.50 per share, representing a 57% premium to the 30-day volume-weighted average trading price per share of Atlas Air Worldwide on July 29.
“We believe this transaction will deliver immediate and certain value to Atlas Air Worldwide shareholders at a substantial premium, and we are pleased to reach this agreement with the Consortium,” said Duncan McNabb, Chairman of the Atlas Air Worldwide Board of Directors. “The Board's decision to unanimously approve this transaction follows a careful evaluation and thoughtful review of value creation opportunities for shareholders.
The transaction is expected to close in the fourth quarter of 2022 or the first quarter of 2023.
Atlas reported second-quarter results before the open Thursday, posting adjusted earnings of $3.36 per share on revenue of $1.2 billion.
By Sam Boughedda
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