M&A · Industrials · Air Transportation, Nonscheduled
Investor Group led by Apollo to acquire Atlas Air Worldwide Holdings Inc
Announced Aug 4, 2022 · Closed Mar 17, 2023
Deal value$5.20BEV $5.20B
Premium—To unaffected price
EV / Adj. EBITDA4.8x1.2x EV / Revenue
ConsiderationAll cash$102.50 per share
Transaction
- Acquirer
- Investor Group led by Apollo
- Target
- Atlas Air Worldwide Holdings Inc (AAWW)
- Buyer type
- Private equity
- Offer price per share
- $102.50
- Enterprise value
- $5.20B
- Status
- Closed Mar 17, 2023
Deal protections
- Break fee (target pays)
- $97.5M · 1.9%
- Reverse fee (buyer pays)
- $227M · 4.4%
- Go-shop
- No-shop
- Financing
- Committed · Mizuho, Credit Agricole, Barclays
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $3.0M
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- Sector median 47.1%
- EV / Adj. EBITDA
- 4.8x vs. 11.0x sector median
- Break fee
- 1.9% vs. 2.8% sector median
Timeline
- AnnouncedAug 4, 2022
- Proxy filedOct 7, 2022
- Definitive proxyOct 19, 2022
- Shareholder voteNov 29, 2022
- ClosedMar 17, 2023
Valuation · fairness opinions
Discounted cash flow$93.00$113.00
Future share price$59.00$93.00
Future share price$54.00$82.00
Trading comparables$61.00$92.00
Trading comparables$64.00$95.00
Offer $102.50
Implied value per Atlas Air Worldwide Holdings Inc share by analysis, from Morgan Stanley · DCF discount rate 6.3%–7.3%.