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Atlas Air To Be Acquired By Consortium Led By Apollo; Atlas Air Q2 Profit Tops Estimates

Atlas Air Worldwide (AAWW) has agreed to be acquired by an investor group led by funds managed by affiliates of Apollo (APO) together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all-cash deal with an enterprise valuation of approximately $5.2 billion. Atlas Air Worldwide shareholders will receive $102.50 per share in cash. Upon completion, Atlas Air Worldwide will become a privately held company. The transaction is expected to close in the fourth quarter 2022 or first quarter 2023.

Separately, Atlas Air Worldwide Holdings reported second quarter adjusted net income of $97.3 million, or $3.36 per share, compared with $121.8 million, or $4.10 per share, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $3.34, for the quarter. Analysts' estimates typically exclude special items.

Reported net income was $88.3 million, or $2.65 per share, compared with $107.1 million, or $3.53 per share, prior year.

Revenue grew to $1.2 billion from $990.4 million, last year. Analysts on average had estimated $1.11 billion in revenue.

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