Global Aero To Acquire World Air

Global Aero Logistics Inc., owner of ATA Airlines, has agreed to acquire World Air Holdings Inc. (OTC: WLDA.PK) for $315 million in cash. Under terms of the agreement, World Air stockholders would receive $12.50 per share. GAL is majority-owned by private equity firm MatlinPatterson. Friedman, Billings, Ramsey & Co. Inc. advised World Air on the deal.