Atlas Air shareholders vote for merger, despite alleged violations of Securities Act
A majority of Atlas Air shareholders yesterday voted in favour of selling the company to ...
Atlas Air subsidiary Titan Aviation has entered a joint-venture with Bain Capital Credit to develop a freighter aircraft leasing portfolio with an anticipated value of approximately $1bn.
Bain and Titan will provide $360m and $40m of equity capital, respectively, which could be supplemented with additional commitments over time, to buy aircraft over the next few years.
Titan will also provide aircraft and lease-management services to the venture.
Matt Evans, director at Bain Capital Credit, added: “We have long admired Atlas and Titan as a best-in-class industry leader and are excited to join forces for a constructive and lasting partnership.
“We look forward to supporting the company’s next phase of growth as it continues to leverage its deep relationships within the global airfreight community.”
Outgoing chief executive of Atlas Bill Flynn said: “We were impressed with Bain’s knowledge about our industry and its ability to join with us as we look to achieve our mutual goals. We appreciate Bain’s confidence in our long-term growth strategy, and we value its desire to partner with us.”