Atlas Air Worldwide ( NASDAQ: AAWW ) confirmed reports of a buyout, saying it entered into an agreement to be acquired by an investor group led by funds managed by affiliates of Apollo Global Management ( APO ) and investment affiliates of J.F. Lehman & Company, LLC and Hill City Capital LP.
The transaction consideration of $102.50 per share in cash is noted to represent a 57% premium to the 30-day volume-weighted average trading price per share of Atlas Air Worldwide common stock as of July 29 and values Atlas Air Worldwide at an enterprise value of approximately $5.2B.
The deal is expected to close in Q4 of 2022 or Q1 of 2023.
Due to the announcement of the transaction with the investor group, Atlas Air Worldwide ( AAWW ) has cancelled the Q2 earnings call and is not providing financial guidance for Q3 and the full year,
Shares of AAWW are in a trading halt after jumping more than 9% in early premarket action.
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Atlas Air Worldwide confirms buyout by investor group led by Apollo Management