ATSG - Air Transport Services gains after Amazon picks up minority investment

Amazon (AMZN) has paid $131M to acquire a minority stake in cargo airline Air Transport Services Group (ATSG) by exercising previously existing warrants.The stake involved about 13.5M shares and an additional 865K shares that Amazon picked up outside the investment.Amazon's purchases require approval by the U.S. Department of Transportation. After the approval, Amazon will hold a 19.5% stake and the right to appoint one board member.If Amazon leases more ATSG aircraft and exercises the remaining warrants, the stake could reach as high as 39.9%.ATSG shares are up 5.4% to $29.90.Last summer, Amazon signed a deal to lease 12 cargo aircraft from ATSG.

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Air Transport Services gains after Amazon picks up minority investment