Air T, Inc. acquired Worldwide Aircraft Services, Inc. for $2.9 million.
February 05, 2023
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Air T, Inc. (NasdaqGM:AIRT) acquired Worldwide Aircraft Services, Inc. for $3.1 million on January 31, 2023. Approximately $1,628,000 of the purchase price was paid at closing. The remaining amount bears interest at the rate of six percent (6%) per annum and is payable via periodic payments up to the January 1, 2026 maturity date. Air T about to secure $1 million of term loan to partially fund the acquisition.
Air T, Inc. (NasdaqGM:AIRT) completed the acquisition of Worldwide Aircraft Services, Inc. on January 31, 2023. As per the filling of November 14, 2023, the total consideration is of $2.9 million which includes cash consideration of $1.628 million and seller's note of $1.37 million.
Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets. The Company has four segments: Overnight air cargo, Ground equipment sales, Commercial jet engines and parts, and Corporate and other. Overnight air cargo segment operates in the air express delivery services industry. Ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, military and industrial customers. Commercial jet engines and parts segment manages and leases aviation assets, supplies surplus and aftermarket commercial jet engine components, provides commercial aircraft disassembly/part-out services, commercial aircraft parts sales, and procurement services and overhaul and repair services to airlines. Corporate and other segment acts as the capital allocator and resources for other consolidated businesses. Further, the segment is also comprised of insignificant businesses.
AIR T, INC. 
