ATLAS AIR ACQUIRES POLAR AIR
Atlas Air Worldwide Holdings Inc., the parent of Atlas Air Inc., has entered into an agreement with an affiliate of GE Capital Aviation Services Inc. to acquire Polar Air Cargo.
The stated purchase price for the transaction is $84 million. Restructuring agreements are expected to reduce the net cost of the acquisition by $25 million to $30 million.
Polar Air specializes in time-definite, cost-effective airport-to-airport scheduled air-freight service, using B747 freighters. The acquisition of this company gives Atlas access to Japan.
Polar and Atlas will be operated as separate subsidiaries and Polar will maintain its operations from its Long Beach, Calif. Headquarters for the immediate future.
Completion of the acquisition is subject to receipt of certain regulatory approvals and customary conditions.
Atlas, based in Purchase, N.Y., charters B747 freighters to international airlines, providing aircraft, crew, maintenance and insurance.