Abu Dhabi-based investment platform L’Imad Holding is considering a potential bid for a stake in Atlas Air Worldwide, according to people familiar with the matter cited by Bloomberg, as the Gulf investment group looks to expand its presence in the global transport and logistics sector.
The discussions are understood to be at an early stage, and there is no certainty that L’Imad will submit an offer. Bloomberg reported that Atlas Air could be valued at around $10 billion or more in a potential transaction.
Atlas Air is currently controlled by an investor consortium led by Apollo Global Management, which completed its acquisition of the company in March 2023. The transaction gave Atlas an enterprise valuation of approximately $5.2 billion.
Strategic interest in air cargo
A potential investment in Atlas Air would give L’Imad exposure to one of the largest operators in the global air cargo market and expand its interests across transportation and logistics.
Bloomberg reported that L’Imad’s interest is also linked to Abu Dhabi’s efforts to strengthen alternative trade and logistics routes amid disruption around the Strait of Hormuz. The report cited people familiar with the matter, who requested anonymity because the discussions are private.
The reported interest comes as Atlas continues to expand its international operating platform and invest in additional widebody freighter capacity.
Atlas expands next-generation freighter fleet
Atlas Air Worldwide has been pursuing an ambitious fleet-modernisation strategy. In March 2026, the company placed a firm order for 20 Airbus A350F freighters, with options for a further 20 aircraft.
Deliveries are scheduled to begin in 2029 and run through 2034. The order makes Atlas the largest customer for Airbus’ next-generation freighter programme and will introduce an Airbus widebody freighter to a fleet historically dominated by Boeing aircraft.
The A350Fs will complement Atlas’ existing fleet of Boeing 747, 777 and 767 freighters. Atlas currently operates approximately 113 aircraft, according to company information, and describes itself as the world’s largest widebody freighter operator.
The company said the A350F investment is intended to support fleet expansion, modernisation and long-term growth, while providing additional capacity for customers across global cargo and charter markets.
Diversified aviation platform
Atlas Air Worldwide operates through several businesses, including Atlas Air, Polar Air Cargo and Titan Aviation Holdings. Its activities span outsourced aircraft operations, cargo and passenger charter services, ACMI operations and aircraft leasing.
The company has also continued to broaden its international operating platform. In August 2026, Atlas completed a strategic investment in Iceland-based Air Atlanta, acquiring a 49% minority stake, while Titan Aviation Holdings acquired aircraft owned by the Air Atlanta group and entered into a long-term leasing arrangement with the operator.
That transaction gives Atlas additional access to widebody capacity in international markets and forms part of the company’s broader strategy to expand its aviation logistics platform.
Potential sale follows earlier speculation
Reports of a possible change in Atlas Air’s ownership are not new. In December 2025, Bloomberg reported that Apollo was exploring a potential sale of Atlas Air and could seek a valuation of more than $12 billion including debt.
Reuters subsequently reported that the process was at an early stage and that Apollo could ultimately decide to retain the business. At the time, neither Apollo nor Atlas publicly confirmed that a sale process was under way.
The latest reported interest from L’Imad therefore represents a potential development in an ownership story that has been under consideration since late 2025. Any transaction would depend on negotiations, valuation and the structure of a potential investment.
Widebody freighter capacity remains a focus
Atlas has positioned its fleet investments around expectations of continued demand for widebody freighter capacity. When announcing the A350F order, CEO Michael Steen said the company expects the large widebody freighter market to remain constrained as older aircraft retire and relatively limited new capacity enters service.
The A350F order, together with Atlas’ existing Boeing freighter fleet and its recent investment in Air Atlanta, provides the company with a broad platform across international cargo operations.
For L’Imad, a potential investment would come at a time when Atlas is expanding both its fleet and its international operating capabilities. However, the reported discussions remain preliminary, and no agreement has been announced.
