Atlas Air Worldwide Holdings has completed its acquisition of a 49% stake in Iceland-based all-cargo carrier and lessor Air Atlanta, a deal that adds 14 widebody freighter aircraft to Atlas Air’s network and expands its cargo capacity across international markets, according to FreightWaves.
The transaction, initially announced on May 28, closed on Monday, with Atlas Air subsidiary Titan Aviation purchasing the 14 widebody freighter aircraft owned by Air Atlanta group of companies and leasing them back to Air Atlanta, which will continue to operate the aircraft, FreightWaves reported. Air Atlanta’s CEO and vice presidents acquired a 51% controlling interest in the operating companies — Air Atlanta Icelandic and Air Atlanta Europe — and the carrier will continue to operate under its existing leadership team and operating structure.
Fleet and capacity expansion
According to FreightWaves, between its Iceland and Malta certified airlines, Air Atlanta operates 18 widebody aircraft and owns 14 of them: 12 Boeing 747-400 cargo jets, two Boeing 777-300 passenger-to-freighter conversions, and four 777 passenger jets. The company also owns four Boeing 747-400 cargo jets that are leased to Saudia Cargo, according to aviation databases cited by FreightWaves.
| Aircraft | Reported count |
|---|---|
| Boeing 747-400 cargo jets | 12 |
| Boeing 777-300 passenger-to-freighter conversions | 2 |
| Boeing 777 passenger jets | 4 |
| Boeing 747-400 cargo jets leased to Saudia Cargo | 4 |
The widebody freighter aircraft acquired by Titan Aviation are operated by Air Atlanta under lease-back, keeping the existing fleet in service while Atlas Air gains ownership of the assets. This structure expands Atlas Air’s ability to perform cargo operations and offer widebody capacity across key international markets, according to FreightWaves.
Ownership and leadership changes
Under the finalized deal, Air Atlanta’s CEO and vice presidents hold a 51% controlling interest in the operating companies, while Atlas Air holds the remaining 49%. Air Atlanta Executive Chairman Hannes Hilmarsson will step down after 20 years in leadership roles with the company, FreightWaves reported. Both companies said they will collaborate commercially to pursue incremental global growth opportunities.
Implications for shippers and forwarders
For freight forwarders, logistics managers, and 3PL operators, the completed investment increases Atlas Air’s controlled widebody lift and owned freighter assets, which FreightWaves reported expands Atlas Air’s ability to perform cargo operations and offer widebody capacity. Air Atlanta’s aircraft will continue to be operated by the existing team, so charter capacity and flight operations remain under the same management while Atlas Air holds a strategic ownership stake.
Watch list
- New commercial collaborations between Atlas Air and Air Atlanta to pursue incremental global growth opportunities.
- The leadership transition at Air Atlanta following Hannes Hilmarsson’s departure after 20 years in leadership roles.
- Fleet status of the four Boeing 747-400 cargo jets owned by Air Atlanta and leased to Saudia Cargo, according to aviation databases cited by FreightWaves.
Sources:
