Group Led by Apollo Global in Advanced Talks to Acquire Atlas Air

Group Led by Apollo Global in Advanced Talks to Acquire Atlas Air - WSJ

Stock Markets Aug 01, 2022 03:23PM ET

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Group Led by Apollo Global in Advanced Talks to Acquire Atlas Air - WSJ

By Sam Boughedda

According to The Wall Street Journal, a group headed up by Apollo Global Management (NYSE:APO) is in advanced discussions to acquire Atlas Air Worldwide Holdings (NASDAQ:AAWW).

The WSJ reported Monday that its sources stated a deal for the airfreight company could be agreed very soon, although talks could still fall apart.

While there were no details provided, New York-based Atlas Air has a market value of approximately $2 billion and works with freight, commercial, charter and military customers. It is set to report second-quarter earnings on August 5.

It announced an agreement with Amazon (NASDAQ:AMZN) in 2016 to provide air-transport services, giving the e-commerce powerhouse warrants to purchase shares in the company.

In July, a Wolfe Research analyst lowered the price target on Atlas Air Worldwide to $54 from $68, maintaining an Underperform rating. Following today's news, its shares are trading more than 12% above Friday's close.

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