US: Atlas to acquire Southern Air in major cargo merger

Atlas Air Worldwide has agreed to acquire Southern Air Holdings for $110m in an all-cash transaction. The deal, if approved by the US Department of Transportation (DOT), would mark a major consolidation in the US air cargo industry. Purchase, New York-based Atlas is the parent company of international airfreight carriers Atlas Air and Polar Air Cargo. It operates the world’s largest Boeing 747 freighter fleet. Cincinnati-based Southern Air is also affiliated with Florida West International Airways, which is part of the transaction. Atlas president and CEO William Flynn called the transaction “strategically compelling, highly complementary and immediately accretive.” Atlas said that the deal is “expected to close in the next few months.” Flynn added that Atlas is “eager to capitalize on the substantial opportunities that the transaction will provide, especially [adding] 777 and 737 aircraft operations.”<br/>