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Amazon acquires almost 10% of partner ATSG
Amazon has bought 9.99% of the Air Transport Services Group, from whom they recently leased 20 Boeing 767 freighter jets, operating out of ATSG’s hub in Wilmington, Ohio.
Amazon has the right to acquire up to a fifth of ATSG over the next five years. The company reported the acquisition of 7.1 million shares of ATSG's common stock in a filing to the Securities and Exchange Commission on March 18th.
The deal with ATSG also entitles Amazon to one seat on the company board once they reach 10% of the shares—though it is not currently known if the 9.99% qualifies. They will be able to purchase 5.12 million more shares after certain business milestones are reached.
Amazon’s stake represents a $69 million investment according to price per share, but it’s worth $103 million at current market prices.
(Source: Transport Topics)
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