Atlas Air Worldwide Holdings, parent company of Atlas Air, has signed an agreement to acquire a 49% stake in Air Atlanta Icelandic (CC, Reykjavik Keflavik). The transaction also includes the Maltese subsidiary of Air Atlanta and the carrier's fleet, which will be bought by Atlas' in-house lessor, Titan Aviation Holdings, and leased back to Air Atlanta.

The value of the transaction has not been disclosed.

"This transaction reflects Atlas’ disciplined approach to strategic growth in a structurally constrained widebody freighter aircraft market, and it further advances our One Atlas strategy. By combining Atlas’ global commercial platform with Air Atlanta’s complementary operating model and European-based footprint, we are expanding access to capacity and further strengthening our ability to serve customers worldwide and deliver value to our stakeholders," Atlas Air Worldwide CEO Michael Steen said.

Air Atlanta will continue to operate under its existing brand and certificates, with the current leadership team and operating structure. The management of the airline (CEO and vice-presidents) will acquire a majority 51% stake in the operating companies from the current owners.

"We strongly believe in the future growth potential of Air Atlanta, especially with the strategic partnership we are entering into with Atlas today. We will have wider market reach and be better positioned to deliver flexible, high-performing capacity solutions for our existing and future customers," CEO Baldvin M Hermannsson said.

The transaction joins two B747-heavy freighter carriers. ch-aviation data shows that Atlas Air currently operates a fleet of 84 in-house aircraft, including ten passenger aircraft (five B767-300ERs and five B747-400s). Of the 74 freighters, 43 are of the B747-400 family in different variants, and 15 are B747-8Fs. The remainder includes B767 freighters and eleven B777-200Fs. The airline also has twenty A350Fs on order.

Atlas Air's sister carrier Polar Air Cargo operates a further two B747-8Fs and two B777-200Fs. Polar Air Cargo is a 51/49 joint venture between Atlas Air Worldwide Holdings and DHL Express, which is due to end shortly, with the aircraft redeployed by Atlas Air.

CEO Michael Steen told ch-aviation last year that Atlas Air remained keen to operate and grow the B747 freighter fleet, citing the type's "phenomenal lifetime".

Meanwhile, Air Atlanta Icelandic operates eight B747-400-type freighters and one B777-200F on its Icelandic certificate. Air Atlanta Europe operates a further six B747-400 freighters, alongside two B777-200ERs, two B777-300(ERSF)s, and two B777-300ERs.

Unndor Jonsson, vice president of sales and marketing, told ch-aviation earlier this year that Air Atlanta was planning to grow its B777 fleet, while retaining the backbone of the B747s.