VegasBoy

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)

Whaledriver101

I knew DHL bought a stake in Polar. I didnt know there was going to be a transfer of certificates. Very interesting.

Whaledriver

DHL bought a stake in an empty holding company, Polar Air Cargo Worldwide. The Polar -400's, the Polar certificate, and some landing rights from both Polar and Atlas are to be transfered to the new company as part of the deal.

Polarfr8dog

DHL is being given exclusive space on the 400's of Polar to include additional aircraft of a named certificate. This is what is being told to us. I'll try and find the release from the company and post it here if I do.

DHL could only by 49% since they are a foreign owned company.

Tomct

Is Polar hiring? What is life like there? Do the pilots like it or are they trying to get out and move on? Thanks for the info.

Beagle_Lover

Polar is not hiring, they still have crewmembers at home collecting pay until the merger is completed. Atlas might still be. Classes at Atlas are May, June and July. They may interview for pool hiring later.

Polarfr8dog

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.

Tomct

Thanks guys! Fly Safe!

Polarfr8dog

You're welcome. Life is different. Your schedule will keep you out two weeks on the road straight and that can be extended depending on if you're Atlas or Polar up to a total 19. It does happen but when they do that you are getting paid overtime. Personally the only reason I would leave here is for UPS. Don't know about the others. I'm tired of the interview thing and at the age of 37 I'm here to stay. I prefer the schedule of two weeks vs. the airline thing I did (TWA) just for the simple reason of when I'm home, I'm home. Airline flying you'll fly a trip for three or four and then off a couple or three then you're back out. There are some other benefits that are too long to explain but basically I get to build a travel bank and use that money for commuting. Therefore, requesting a jumpseat is very rare and that makes life nice as well. And last but not least the international destinations and oh yeah -- flying the whale helps my manhood!

Santa

Polarfr8dog ,

I'm not sure I understand what is happening at Polar with DHL... plus, I was told that Atlas trips are a lot of 22 days out on the road - would that be right?