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News & Insights

Atlas Air’s $5.2 Billion Acquisition by An Investor Group Led by Apollo

August 04, 2022

On August 4, 2022, Atlas Air, a leading global provider of outsourced aircraft and aviation operating services, announced that it has entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all‑cash transaction with an enterprise valuation of approximately $5.2 billion. Cravath is representing Atlas Air in connection with the transaction.

The Cravath team is led by partner Robert I. Townsend III and includes associates Claudia J. Ricciardi, Nastassia Shcherbatsevich, Isaac H. Todd, Evan S. Gabor and Christopher E. Weil on M&A matters; partner Jonathan J. Katz, senior attorney Sarah W. Colangelo, practice area attorney David Crampton and associate Nicholas J. Celli on executive compensation and benefits matters; partners Andrew J. Pitts, Stephen M. Kessing and Douglas Dolan, senior attorney Elizabeth Albert and associates Diane K. Mokoro and Paul A. Bryant on financing matters; partner Lauren Angelilli and associates Alissa B. Fromkin and Sonia Katharani‑Khan on tax matters; of counsel Jesse M. Weiss and foreign associate attorney Stijn de Jong on regulatory matters; partner Michael L. Arnold, of counsel Kimberley S. Drexler and associate Abhilasha Gokulan on corporate governance matters; partner Sasha Rosenthal‑Larrea on intellectual property matters; partner Matthew Morreale on environmental matters; and practice area attorney Brian M. Budnick on real estate matters. Benjamin B. Arcano also worked on M&A matters and Harlea A. Perdue also worked on financing matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Private Equity
  • Executive Compensation and Benefits
  • Capital Markets
  • Banking and Credit
  • Tax
  • Antitrust
  • Intellectual Property
  • Environmental
  • Corporate Governance and Board Advisory
  • Transportation

People

Photo
Name
Robert I. Townsend III
Title
Corporate
Title
Partner
Email
rtownsend@cravath.com
Phone
+1-212-474-1964
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    Education

    • J.D., 1990, Harvard Law School
      magna cum laude
    • A.B., 1987, Harvard College
      magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Claudia J. Ricciardi
    Title
    Corporate
    Title
    Partner
    Email
    cricciardi@cravath.com
    Phone
    +1-212-474-1035
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      Education

      • J.D., 2015, Harvard Law School
        cum laude
      • B.A., 2012, University of Pennsylvania
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      Photo
      Name
      Jonathan J. Katz
      Title
      Executive Compensation and Benefits
      Title
      Partner
      Email
      jkatz@cravath.com
      Phone
      +1-212-474-1538
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        Education

        • LL.M., 2013, New York University School of Law
        • J.D., 2007, Benjamin N. Cardozo School of Law
          Order of the Coif, Dean's Distinguished Scholar, summa cum laude
        • B.S., 2003, Cornell University

        Admitted In

        • New York
        Photo
        Name
        Andrew J. Pitts
        Title
        Corporate
        Title
        Partner
        Email
        apitts@cravath.com
        Phone
        +1-212-474-1620
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          Education

          • M.B.A., 1995, Boston University
            with High Honors
          • J.D., 1994, Boston University School of Law
            summa cum laude
          • B.A., 1988, Trinity College

          Admitted In

          • New York
          Photo
          Name
          Stephen M. Kessing
          Title
          Corporate
          Title
          Partner
          Email
          skessing@cravath.com
          Phone
          +1-212-474-1152
          vCard
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            Education

            • J.D., 2005, Duke Law School
              Order of the Coif, magna cum laude
            • M.B.A., 2001, University of Southern California
            • B.S., 1995, Miami University of Ohio

            Admitted In

            • New York
            Photo
            Name
            Douglas Dolan
            Title
            Corporate
            Title
            Partner
            Email
            ddolan@cravath.com
            Phone
            +1-212-474-1310
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              Education

              • J.D., 2014, New York University School of Law
                magna cum laude
              • B.A., 2011, Cornell University

              Admitted In

              • New York
              Name
              Lauren Angelilli
              Title
              Tax
              Title
              Partner
              Email
              langelilli@cravath.com
              Phone
              +1-212-474-1016
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                Education

                • J.D., 2000, Harvard Law School
                  cum laude
                • B.S., 1996, The Wharton School of the University of Pennsylvania
                  magna cum laude

                Admitted In

                • New York
                Photo
                Name
                Jesse M. Weiss
                Title
                Litigation
                Title
                Partner
                Email
                jweiss@cravath.com
                Phone
                +1-212-474-1421
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                  Education

                  • J.D., 2008, Georgetown University Law Center
                    magna cum laude
                  • B.A., 2003, University of Maryland

                  Admitted In

                  • New York
                  Photo
                  Name
                  Michael L. Arnold
                  Title
                  Corporate
                  Title
                  Partner
                  Email
                  marnold@cravath.com
                  Phone
                  +1-212-474-1664
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                    Education

                    • J.D., 2013, Columbia Law School
                      Harlan Fiske Stone Scholar
                    • B.A., 2010, University of Chicago
                      General Honors

                    Admitted In

                    • New York
                    Photo
                    Name
                    Sasha Rosenthal-Larrea
                    Title
                    Corporate
                    Title
                    Partner
                    Email
                    srosenthal-larrea@cravath.com
                    Phone
                    +1-212-474-1967
                    vCard
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                      Education

                      • J.D., 2010, Columbia Law School
                        Harlan Fiske Stone Scholar
                      • A.B., 2007, Brown University

                      Admitted In

                      • New York
                      Photo
                      Name
                      Matthew Morreale
                      Title
                      Corporate
                      Title
                      Partner
                      Email
                      mmorreale@cravath.com
                      Phone
                      +1-212-474-1534
                      vCard
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                        Education

                        • J.D., 1997, Columbia Law School
                          Harlan Fiske Stone Scholar
                        • M.S., 1994, University of Pennsylvania
                        • B.A., 1990, University of Pennsylvania
                        • B.A.S., 1990, University of Pennsylvania

                        Admitted In

                        • New York
                        Photo
                        Name
                        Kimberley S. Drexler
                        Title
                        Corporate
                        Title
                        Partner
                        Email
                        kdrexler@cravath.com
                        Phone
                        +1-212-474-1434
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                          Education

                          • J.D., 1997, Yale Law School
                            Coker Fellow
                          • B.A., 1993, University of Virginia
                            Highest Distinction, Echols Scholar, Phi Beta Kappa

                          Admitted In

                          • New York
                          Photo
                          Name
                          Sarah W. Colangelo
                          Title
                          Executive Compensation and Benefits
                          Title
                          Of Counsel
                          Email
                          scolangelo@cravath.com
                          Phone
                          +1-212-474-1254
                          vCard
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                            Education

                            • J.D., 2014, Georgetown University Law Center
                              Order of the Coif, magna cum laude
                            • B.A., 2007, Duke University
                              Phi Beta Kappa, summa cum laude

                            Admitted In

                            • New York
                            Photo
                            Name
                            Elizabeth Albert
                            Title
                            Corporate
                            Title
                            Of Counsel
                            Email
                            ealbert@cravath.com
                            Phone
                            +1-212-474-1962
                            vCard
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                              Education

                              • J.D., 1987, Yale Law School
                                with Honors
                              • A.B., 1984, Harvard College
                                cum laude

                              Admitted In

                              • New York
                              Name
                              David Crampton
                              Title
                              Executive Compensation and Benefits
                              Title
                              Practice Area Attorney
                              Email
                              dcrampton@cravath.com
                              Phone
                              +1-212-474-1358
                              vCard
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                                Education

                                • J.D., 2020, Cornell Law School
                                  magna cum laude
                                • B.S., 2016, Oregon State University

                                Admitted In

                                • New York
                                Photo
                                Name
                                Brian M. Budnick
                                Title
                                Corporate
                                Title
                                Practice Area Attorney
                                Email
                                bbudnick@cravath.com
                                Phone
                                +1-212-474-1914
                                vCard
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                                  Education

                                  • J.D., 2011, Benjamin N. Cardozo School of Law
                                    cum laude
                                  • B.A., 2006, University of Virginia

                                  Admitted In

                                  • New York

                                  Related News & Insights

                                  Deals & Cases

                                  May 28, 2025

                                  rhode’s $1 Billion Acquisition by e.l.f. Beauty

                                  On May 28, 2025, rhode, a fast‑growing, multi‑category lifestyle beauty brand founded by Hailey Bieber, and e.l.f. Beauty announced they have signed a definitive agreement for e.l.f. Beauty to acquire rhode. The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three‑year timeframe. Hailey Bieber will continue her role as Founder and additionally serve as rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation and marketing. She will also act as a Strategic Advisor to the combined companies. Cravath is representing Hailey Bieber in connection with the transaction.

                                  Deals & Cases

                                  May 26, 2025

                                  WiseTech Global’s $2.1 Billion Acquisition of e2open

                                  On May 25, 2025, WiseTech Global, developer of leading logistics execution software CargoWise, announced it has entered into a binding agreement to acquire E2open Parent Holdings, Inc. (“e2open”), a U.S.‑based leading provider of SaaS solutions in the global logistics value chain, for $3.30 per share in cash equating to an enterprise value of $2.1 billion. Cravath is representing WiseTech Global in connection with the transaction.

                                  Deals & Cases

                                  May 15, 2025

                                  Greencore’s £1.2 Billion Recommended Acquisition of Bakkavor

                                  On May 15, 2025, the boards of Greencore Group plc (“Greencore”), a leading manufacturer of convenience foods in the UK, and Bakkavor Group Plc (“Bakkavor”), a leading provider of fresh prepared food in the UK, announced that they have agreed the terms of a recommended acquisition of Bakkavor by Greencore at a base consideration which values each Bakkavor share at 200 pence, which implies Bakkavor’s entire issued and to be issued share capital is valued at approximately £1.2 billion. Under the terms of the transaction, Bakkavor shareholders will be entitled to (for each Bakkavor share): 0.604 new Greencore shares, 85 pence in cash and one contingent value right. Cravath is representing Greencore as U.S. counsel in connection with the transaction.

                                  Deals & Cases

                                  May 09, 2025

                                  TaskUs’s Take‑Private Acquisition by its Co‑Founders and Blackstone

                                  On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.

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