By Chibuike Oguh, reuters
An investment group led by Apollo Global Management Inc (APO.N) is in advanced talks to buy air-freight company Atlas Air Worldwide Holdings Inc (AAWW.O), a person familiar with the matter told Reuters.
No deal has been reached and details of the transaction, including the purchase price and the composition of the investment group, could not be learned.
Atlas Air is a holding company that provides air-freight and charter passenger travel for individuals, businesses and government agencies. Based in Purchase, New York, it has a market capitalization of more than $2 billion.
Atlas Air boasts of the world’s largest fleet of Boeing 747 freight aircraft, according to its website. Apollo Global is a buyout behemoth with about $500 billion in assets under management.
The Wall Street Journal reported the talks between Apollo and Atlas Air earlier on Monday.
Atlas Air shares rose 13%.
Atlas Air did not immediately respond to a request for comment.
Reporting by Chibuike Oguh in New York Editing by Nick Zieminski