Atlas Air Worldwide Holdings, Inc. in Purchase recently completed its approximately $110-million acquisition of Southern Air Holdings Inc., a privately held aviation operating services company based in Kentucky. The all-cash deal was first announced by Atlas Air in January.
Southern Air is the parent company of Worldwide Air Logistics Group, Inc. and its two operating subsidiaries, Southern Air, Inc. and Florida West International Airways, Inc.
Atlas Air officials said Southern Air”™s five Boeing 777 and five Boeing 737 cargo aircraft, for which Southern provides crews, maintenance  and insurance, complement Atlas Air Worldwide”™s fleet of Boeing 747, 767, 777, 757 and 737 planes used in its aircraft and aviation outsourcing, charter and leasing operations. The combined companies will have a fleet of more than 75 aircraft.
“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,” Atlas Air Worldwide President and CEO William J. Flynn said when the deal closed on April 7. “Our complementary operations will also provide a broader array of services for customers and new avenues of business growth, which will generate greater opportunities for employees and drive value for shareholders.”
The acquisition is expected to add approximately $100 million in annualized revenues to Atlas Air Worldwide and be immediately accretive to Atlas Air Worldwide”™s adjusted earnings per share in 2016.
