Cargojet Airways (W8, Hamilton, ON) has reached an agreement to divest its 25% stake in 21 Air (2I, Greensboro Piedmont Triad International) to undisclosed parties as it executes strategy "streamlining its efforts toward areas where it has a clear strategic advantage."

"This decision strengthens our focus on our robust domestic network, ACMI and charter operations, while allowing us to deploy capital in areas aligned with Cargojet's core strengths," chief executive officer Pauline Dhillon said.

The Canadian cargo specialist invested in the US American counterpart in 2021. Its investment was routed through Avia Investments, LLC, a 75/25 joint venture between James Crane and Cargojet. The JV was the sole shareholder of 21 Air.

The spokesperson for the Canadian airline did not respond to ch-aviation's request for more details regarding the value of the transaction.

Despite the equity disentanglement, the two airlines will continue to cooperate "on select commercial opportunities".

21 Air operates four B757-200(PCF)s, one inactive B767-200(BDSF), to inactive B767-200(ERBDSF)s, two B767-300ER(BCF)s, and nine B767-300ER(BDSF)s. It also wet-leases two B767-300ER(BDSF) freighters from Cargojet. ch-aviation shows that one B757 and two B767-200(ERBDSF)s in 21 Air's fleet are dry leased from the Canadian airline.

Cargojet's in-house fleet comprises sixteen B757-200(PCF) aircraft, two B767-200(ERBDSF)s, four B767-300ER(BCF)s, eighteen B767-300ER(BDSF)s, and a single production B767-300F.