Private Equity Firm Purchasing World Air

By Bloomberg, AP and Staff Reports

World Air Holdings Inc., parent of the largest charter airline for U.S. troops, has agreed to be bought for $315 million by Global Aero Logistics Inc., a company controlled by private-equity investor MatlinPatterson Global Opportunities Partners LP.

Shareholders of World Air will get $12.50 for each of their shares, the Peachtree City, Ga.-based airline said in a statement. That’s more than a 10 percent premium to Thursday’s closing stock price.

Acquiring World Air will expand Global Aero’s involvement in military charter flights. Global Aero owns ATA Airlines, another carrier with military and civilian business.

MatlinPatterson is run by former Credit Suisse First Boston executives David Matlin and Mark Patterson.

The sale must be approved by World Air shareholders and requires U.S. regulatory approval. The airline projected that the transaction should be completed in the third quarter.

Shares of World Air have gained 28 percent this year.

World Air’s North American Airlines, founded in 1989, operates charter flights for the U.S. military and commercial customers.

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