Atlas Air Worldwide expands European presence with 49% stake in Air Atlanta

Atlas Air Worldwide Holdings will expand its presence in Europe after signing a deal to acquire a 49% stake in Air Atlanta, parent of Air Atlanta Icelandic and Malta-based Air Atlanta Europe. Atlas, through its Titan Aviation Holdings leasing subsidiary, will acquire the widebody aircraft owned by Air Atlanta and lease them back to the group, it announced May 28. [caption id="attachment_57297357" align="aligncenter" width="596"] Air Atlanta Icelandic operates its 747-400Fs for various ACMI customers. (Courtesy/Air Connect)[/caption] The companies declined to disclose the price of the transaction, which is scheduled to close in the third quarter. The transaction helps Atlas grow strategically in a “structurally constrained widebody freighter aircraft market” and further the company’s One Atlas strategy, which includes adding large-widebody freighters to its fleet, Chief Executive Michael Steen said in a release. Having the backing of Atlas will help Air Atlanta expand access to aircraft and renew its fleet, Air Atlanta Chief Executive Baldvin Hermannsson said in a release. The deal marks the second time Atlas has invested in a European AOC. It purchased 49% of United Kingdom-based Global Supply Solutions (GSS) in 2001. GSS ceased operations in 2014 when British Airways ended a wet-lease contract with the carrier. Largest 747F operator The stake in Air Atlanta Icelandic and Air Atlanta Europe will strengthen Atlas’ presence as the world’s largest 747 freighter operator, with seventeen 747-8Fs and thirty-nine 747-400Fs. Air Atlanta operates eleven freighters in ACMI service for Saudia Cargo, Magma Aviation and Network Aviation: Four production 747-400Fs on the Icelandic AOC; Two 747-400BDSFs on the Icelandic AOC; One 747-400BCF on the Icelandic AOC; Two production 747-400Fs on the Maltese AOC; and Two 747-400BDSFs on the Maltese AOC. Under the Maltese AOC, the group also operates one 777-300ERSF, one production 747-400F and one 747-400BDSF in CMI service for Fly Meta . A second 777-300ERSF (33862) arrived in Liege (LGG) on May 23 ahead of entry into service. Air Atlanta Europe also flies two passenger 777-300ERs and two passenger 777-200ERs. Air Atlanta will continue to operate under its existing leadership team, which will hold a 51% controlling interest, but Hannes Hilmarsson, executive chairman of the Air Atlanta Group, will step down after serving in various leadership roles with the airline for twenty years, according to the release. Increasing value Atlas Air Worldwide Holdings includes some 110 aircraft operated by Atlas Air plus an additional twenty units or so in Titan Aviation’s portfolio. When rumors began circulating at the end of 2025 that Atlas owner Apollo was looking to sell the company for more than $12 billion , George Dimitroff, head of valuations at Cirium Ascend Consultancy, told Cargo Facts that Atlas Air’s fleet could be worth $7 billion to $8 billion. Atlas is set to grow its widebody fleet even more, having placed the largest A350F order with Airbus to date – at least twenty aircraft – in March. The group also plans to open an expanded MRO site in Seoul (ICN) under a joint venture with Sharp K Technics. Separately, Atlas Air will add Kersti Krepp as its new head of global scheduled service, according to her May 27 LinkedIn post. Krepp, who was senior vice president and chief management officer for Polar Air Cargo, resigned in January after DHL and Atlas decided to dissolve the joint venture .

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