Global Aero Logistics to buy World Air Holdings

04/09/07 - newratings.com

NEW YORK, April 9 (newratings.com) - Global Aero Logistics Inc Thursday said that it has agreed to buy World Air Holdings (WI5) for $315 million, or $12.50 per share, in cash.

The Peachtree City, Georgia-based World Air Holdings owns and operates two airlines, World Airways and North American Airlines. Global Aero Logistics was earlier known as ATA Holdings. The deal is scheduled for completion in 3Q, subject to the approval of World Air Holdings’ shareholders and the regulatory authorities. Global Aero Logistics added that it plans to operate three different airlines.