The deal, which was funded with cash on hand, was first announced in January this year but was finally completed.
The strategically compelling, highly complementary combination provides Atlas Air Worldwide immediate entry into 777 and 737 aircraft operating platforms with opportunities for additional growth, enhancing Atlas Air Worldwide’s position as a leading global provider of outsourced aircraft and aviation operating services.
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.
William Flynn, president and chief executive, Atlas Air Worldwide, said, “We are proud to welcome Southern Air, its operating companies, and its professional, experienced workforce to the Atlas family. “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.”
“We have known and respected Southern Air for some time, and we have a lot in common. We are both committed to safety, customer service, and performance excellence.
“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.”