Atlas Air Unit Gets Approvals On DHL Deal
Sorry I don't have a MBA; therefore this mumbo-jumbo doesn't make much sense to me. Is DHL buying Polar outright? If so what does that mean for the Polar pilots/Atlas?
Atlas Air Unit Gets Approvals On DHL Deal
May 11, 2007
Atlas Air Worldwide said US regulators approved its Polar Air Cargo Worldwide unit's agreement with DHL Express, in which DHL is to acquire an equity stake.
The deal also covers intra-company transfer of airline certificates and route authorities to Polar from another Atlas Air subsidiary.
The transaction between the parties is expected to close toward the end of the second quarter, Atlas Air said.
The transaction includes the acquisition of a 49 percent equity interest, with a 25 percent voting interest, in Polar by DHL Express, Atlas Air said in a statement.
DHL Express will acquire a minority ownership interest in Polar in exchange for cash payment of USD$150 million upon closing of the deal.
Half of the amount will be paid upon closing of the deal, with the remainder to be paid in two installments in 2008, the company said.
(Reuters)