Manufacturing Industry
Global Aero Logistics agrees to acquire World Air Holdings
Airline Industry Information, April 9, 2007
AIRLINE INDUSTRY INFORMATION-(C)1997-2007 M2 COMMUNICATIONS LTD
Global Aero Logistics Inc, the parent company of ATA Airlines Inc, has entered into a definitive agreement to acquire World Air Holdings Inc (OTC: WLDA.PK).
The company will be acquired in an all-cash transaction for a total of USD315m, with World Air Holdings' stockholders receiving USD12.50 per share in cash.
World Air Holdings has two airline subsidiaries: World Airways Inc and North American Airlines Inc.
Upon conclusion of the acquisition Global Aero Logistics will operate three independent airlines, with scheduled and charter passenger service as well as cargo charter operations.
The transaction is subject to approval from World Air Holdings' stockholders, regulatory clearance and other customary closing conditions. It is expected to be completed during the third quarter of 2007.
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