Global Aero Logistics acquires World Air Holdings for USD315m

Aug. 17, 2007


The acquisition of World Air Holdings Inc (OTC Pink Sheets: WLDA) the parent company of World Airways Inc and North American Airlines Inc, has been completed by Global Aero Logistics Inc (Global), the parent company of ATA Airlines Inc.

Global said it acquired World Air in a cash merger with a total transaction value of around USD315m and a price per share of USD12.50.

According to Global, the combined company will provide diverse airlift services, including scheduled and charter passenger service and cargo charters. It will have 56 aircraft, a combined workforce of over 4,500 employees and 2006 revenues of around USD1.6bn.

World Air Holdings will cease being a public US SEC reporting company as a result of the merger, with its stock ceasing trading.

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