11 December 2013
Air Transport Services Group, Inc. (NASDAQ: ATSG) said it has agreed to acquire a 25 percent equity interest in West Atlantic AB of Gothenburg, Sweden.
West Atlantic AB, through its two airlines, Atlantic Airlines Ltd. and West Air Sweden AB, operates a portfolio of 40 aircraft, and is Europe´s largest regional cargo aircraft operator.
The agreement is expected to close on Jan 2, 2014. The cash consideration to be paid in January 2014 for the equity interest is significantly less than ATSG´s historical cost to purchase and modify a single 767 aircraft and is anticipated to generate strong returns. ATSG will disclose additional information about the investment in its year-end 10K filing.
ATSG is a provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. For more information, please see www.atsginc.com.