Apollo-led investor group, in partnership with J.F. Lehman and Hill City, complete take-private buyout of Atlas Air

• As a result of the closing of the transaction, Atlas Air Worldwide is no longer trading on the NASDAQ
• Atlas Air Worldwide will continue to be led by President and CEO John Dietrich and the company’s current executive leadership team
• Atlas Air Worldwide is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc

An investor group led by Apollo, in partnership with J.F. Lehman and Hill City Capital have completed their previously announced take-private buyout of Atlas Air Worldwide, a Purchase, New York-based provider of outsourced aircraft and aviation operating services.

According to terms of the agreement, Atlas Air Worldwide Shareholders are entitled to receive $102.50 in cash for each share of Atlas Air they own. As a result of the closing of the transaction, Atlas Air Worldwide is no longer trading on the NASDAQ.

Atlas Air Worldwide will continue to be led by President and CEO John Dietrich and the company’s current executive leadership team.

On the deal, Apollo Partners Antoine Munfakh and Jason Scheir, J.F. Lehman Partner Alex Harman and Hill City Capital Chief Investment Officer Chip Frazier said in a statement, “We are thrilled to partner with the talented Atlas team and build on the Company’s strong foundation as a leader in the airfreight industry. We have long admired Atlas’ reputation of providing high-quality service to its customers, as well as the financial and operational excellence the team has established. Atlas is poised for continued growth and expansion as it capitalizes on the long-term demand for global air cargo services.”

Morgan Stanley & Co. LLC served as financial advisor to Atlas. Cravath, Swaine & Moore LLP served as Atlas’ legal advisor. Evercore acted as lead financial advisor to the investor group. Barclays, Goldman Sachs, and Mizuho Bank served as financial advisors to the investor group, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Apollo and the investor group entity, and Jones Day provided legal advice to J.F. Lehman & Company and Hill City Capital.

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.

As of December 31, 2022, Apollo had approximately $548 billion of assets under management.

J.F. Lehman & Company targets the aerospace, defense, maritime and environmental sectors. Based in New York City, the firm currently has approximately $4 billion of assets under management as of December 31, 2022.

Hill City Capital is focused on industrial, aerospace and transportation.