Beagle is all correct with the hiring info. Here's the press release on the DHL deal aquired from our company website:
ATLAS AIR WORLDWIDE HOLDINGS, INC. RECEIVES KEY DOT REGULATORY APPROVALS
Purchase, NY - May 10,2007 -- </B>Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo services, today announced that it has obtained Final Orders from the U.S. Department of Transportation (DOT) approving a previously announced transaction between its subsidiary, Polar Air Cargo Worldwide, Inc., and DHL Express.
The DOT approvals cover both the ownership structure of the partnership between Polar and DHL Express and the intra-company transfer of airline certificates and route authorities to Polar from another AAWW subsidiary.
The approvals are integral steps in the process leading up to the closing of the transaction between Polar and DHL Express. The parties are now working on the remaining steps, which include FAA and foreign regulatory approvals.
“We are extremely pleased to have the DOT’s approvals for this transaction, and we certainly appreciate the diligence of the DOT and its staff in working with us throughout the process,” said William J. Flynn, President and CEO of AAWW. “This is a significant milestone in completing our strategic partnership with DHL Express. We anticipate obtaining the remaining necessary approvals and closing the transaction in the late second quarter.”
The transaction includes the acquisition of a 49% equity interest, with a 25% voting interest, in Polar by DHL Express, as well as a 20-year commercial arrangement that will provide Polar with a long-term, anchor customer and DHL with access to aircraft capacity in key global markets.
Mr. Flynn added: “We continue to make excellent progress implementing our strategy to deliver results for our customers and our stockholders. This partnership with market leader DHL Express will reinforce our position as a leading outsource provider of air cargo services, and will greatly enhance stockholder value.”
On November 28, 2006, the parties executed a stock purchase agreement for the strategic partnership with DHL Express. Upon closing of the transaction, the remaining commercial agreements will be signed and DHL Express will acquire a minority ownership interest in Polar in exchange for cash payment of $150 million, $75 million of which will be paid upon closing, and $75 million to be paid in two installments on January 15, 2008 and November 17, 2008, subject to certain acceleration provisions. Under the terms of the 20-year commercial arrangement, which includes blocked-space and related flight-service-support agreements, DHL Express will have access to lift capacity through six Polar 747-400 Freighters plus access to additional available ACMI aircraft from AAWW’s subsidiary, Atlas Air, Inc. This agreement will provide the AAWW companies with a valuable, long-term customer and potential revenue stream in excess of $3.5 billion over the full term of the agreement.