Atlas Air Worldwide has announced that its shareholders voted to approve the company’s pending acquisition by an investor group led by funds managed by affiliates of Apollo Global Management, together with investment affiliates of J.F. Lehman & Company and Hill City Capital at its special meeting of shareholders on 29th November.
“We are pleased to receive overwhelming support from Atlas Air Worldwide shareholders, who recognise this transaction provides compelling value to them while giving us the opportunity to execute our strategic plan,” John Dietrich, President and Chief Executive Officer of Atlas Air Worldwide, said. “This is another step forward to completing the transaction as we advance our leadership in airfreight and deliver high-quality services to our customers around the world.”
As announced previously, the transaction was unanimously approved by the Atlas Board of Directors, which recommended that Atlas Air Worldwide shareholders approve the acquisition. Approximately 99.3% of the votes cast were voted in favour of the adoption of the merger agreement, which represented approximately 80.9% of the outstanding shares of Company common stock. The final voting results will be set forth in a Form 8-K filed by Atlas with the U.S. Securities and Exchange Commission.
The company expects to complete the transaction in the first quarter of 2023, subject to customary closing conditions and receipt of regulatory approvals. Upon closing, Atlas Air Worldwide will become a privately held company and shares of Atlas Air Worldwide common stock will no longer be listed on the Nasdaq stock exchange.