Atlas Air To Be Acquired By Consortium Led By Apollo; Atlas Air Q2 Profit Tops Estimates

(RTTNews) - Atlas Air Worldwide (AAWW) has agreed to be acquired by an investor group led by funds managed by affiliates of Apollo (APO) together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all-cash deal with an enterprise valuation of approximately $5.2 billion. Atlas Air Worldwide shareholders will receive $102.50 per share in cash. Upon completion, Atlas Air Worldwide will become a privately held company. The transaction is expected to close in the fourth quarter 2022 or first quarter 2023.

Separately, Atlas Air Worldwide Holdings reported second quarter adjusted net income of $97.3 million, or $3.36 per share, compared with $121.8 million, or $4.10 per share, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $3.34, for the quarter. Analysts' estimates typically exclude special items.

Reported net income was $88.3 million, or $2.65 per share, compared with $107.1 million, or $3.53 per share, prior year.

Revenue grew to $1.2 billion from $990.4 million, last year. Analysts on average had estimated $1.11 billion in revenue.

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