Atlas Air Worldwide Holdings, Inc. says it has completed its acquisition of Southern Air Holdings, Inc., for a cash consideration of approximately USD110 million. The deal, which was first announced in January, includes Worldwide Air Logistics Group, Inc. and its two operating subsidiaries, Southern Air (Cincinnati International) and Florida West International Airways (Miami International).
“We are proud to welcome Southern Air, its operating companies, and its professional, experienced workforce to the Atlas family,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide. “Together, we will be a stronger, more diversified, more profitable company offering access to the widest range of modern, efficient aircraft for domestic, regional and international applications."
Southern Air, whose fleet includes five B737-400(F)s and five B777-Fs, will continue to operate out of Florence, Kentucky while Florida West will continue to operate out of Miami.
In all, the combination with Southern Air is expected to add approximately USD100 million in annualized revenues to Atlas Air Worldwide.
