Westchester-Based Atlas Air Acquired In $5.2 Billion Deal

PURCHASE, NY — A Westchester-based airline with a fleet spread around the world will change hands, but is expected to keep its local leadership in place.

Atlas Air Worldwide, based in Purchase, a global provider of outsourced aircraft and aviation operating services, has announced that the investor group led by funds managed by affiliates of Apollo, together with investment affiliates of J.F. Lehman & Company and Hill City Capital, has completed a previously announced acquisition of the company for $5.2 billion.

The company said it will continue to maintain its worldwide presence, continue to operate under the Atlas Air Worldwide name and be led by President and CEO John Dietrich and the company’s current executive leadership team.

"Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City," Dietrich said. "With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain. I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our Company and our employees."

Atlas Air Worldwide is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Their companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.