Senior management acquires 20% of Air Atlanta Icelandic

Baldvin M. Hermannsson, CEO

A 20% share of Air Atlanta Icelandic and its affiliates has been acquired by Baldvin Hermannsson, the Company’s CEO and a group of senior management. Air Atlanta reported that the objective of the transaction is to further strengthen and grow the business in coming years.

Currently operating a global network of nine B747-400 freighters, Air Atlanta remains fully committed to re-enter the passenger widebody ACMI business post-COVID, at the same time as the Company intends to further strengthen its solid position in the world’s international freight market.

Hannes Hilmarsson, chairman of the board commented: “I believe that Air Atlanta is ready for new challenges after a phenomenal effort to get us through COVID with our amazing staff. We have a great brand and a loyal customer base. We have implemented a very flexible fleet strategy that gives us a competitive edge. We are financially healthy with a strong cash position and an equity ratio of around 30% after the sale. Behind the Company now stands a united team of owners who strongly believe in the future of Air Atlanta.”

Baldvin Hermannsson, CEO added: “Our investment in the Company underlines our firm belief in Air Atlanta and we remain fully committed to lead the Company into the future. Our ambition to grow and further strengthen Air Atlanta in coming years will represent new and exciting challenges for us all. We intend to introduce new aircraft types into the fleet and broaden our market reach, through the combined synergies of our two AOCs in Iceland and Malta.”