Atlas Air lands Southern Air acquisition

Atlas Air Worldwide Holdings will acquire privately held Southern Air Holdings, a longtime air cargo services provider, for $110 million.    Atlas Air Worldwide Holdings will acquire privately held Southern Air Holdings, a longtime air cargo services provider, for about $110 million. 
   Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways.
   William J. Flynn, president and chief executive officer of Atlas Air Worldwide, said his company is “eager to capitalize on the substantial opportunities that the transaction will provide, especially [Boeing] 777 and 737 aircraft operations.
   “The result will be a more diversified and profitable company offering access to the widest range of modern, efficient aircraft, together with a broader mix of services and a greater scale and global footprint that will drive significant value for our customers and shareholders,” he added.
   Southern Air’s main operating company currently operates five 777-200 freighters and five 737-400 freighters under flight services (CMI, or crew, maintenance and insurance) agreements with DHL Express. 
   Atlas Air provides 747 ACMI (aircraft, crew, maintenance and insurance) and charter operations, 747 and 767 CMI services, and dry leases of 777, 757 and 737 cargo aircraft to other air carriers. Together, Atlas and Southern Air will have a fleet of more than 75 planes.
   The transaction is subject to customary closing conditions and approval by the U.S. Transportation Department, but is expected to close in the next few months, Atlas Air said.