The long-term commercial agreements will include the operation of 20 B767-300 converted freighters for Amazon on a CMI (crew, maintenance and insurance) basis by Atlas Air Worldwide`s airline subsidiary, Atlas Air, as well as dry leasing by its Titan Aviation leasing unit, streetinsider.com reports.
The dry leases have a 10-year term, and the CMI operations have a 7 seven-year term (with extension provisions for a 10-year term). Operations complying to the agreements are expected to begin in H2 of 2016 and increase to full service in 2018.
Amazon can acquire up to 20% of Atlas Air Worldwide`s common shares for USD 37.50 per share over a period of five years, with vesting tied in part to the commencement of operations of the 20 B767-300 freighter aircraft and other conditions.
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