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L'Imad's Atlas Air stake could validate Apollo's valuation ambitions

Abu Dhabi sovereign wealth fund L'Imad Holding is considering a minority stake investment in Atlas Air Worldwide that could value the freighter operator at $10 billion or more, according to reports. Apollo Global Management and partners acquired Atlas in 2023 at an enterprise value of around $5. The potential transaction remains in preliminary discussions. A minority stake sale at the higher valuation would allow Apollo to realize substantial gains while maintaining operational control and upside exposure. More significantly, L'Imad's participation would establish an independent market validation of Atlas's worth. This benchmark could prove valuable for future refinancings or stake sales. Atlas CEO Miachel Steen signaled earlier this year the company's ownership structure could evolve. Finding a buyer for the entire operation at previously reported valuations of more than $12 billion including debt has proven challenging.