Asset SalesData
L'Imad Holding weighs Atlas Air stake at $10bn-plus valuation
Abu Dhabi investor's interest could establish external price marker for Apollo-controlled freighter operator acquired in 2023 at $5.2bn enterprise value.
L'Imad Holding is considering acquiring a stake in Atlas Air Worldwide at a valuation that could exceed $10bn, according to Bloomberg. The Abu Dhabi investor's discussions are at an early stage and may not result in an offer. Apollo Global Management and its investment partners acquired the US freighter operator in 2023 at an enterprise value of approximately $5.2bn. Reports emerged in December 2025 that Apollo was exploring a sale of the business at a possible valuation exceeding $12bn including debt.
Minority stake structure and valuation benchmark#
A minority stake transaction at a $10bn-plus valuation would allow Apollo to realise gains while retaining control and exposure to further growth in Atlas Air. An outside investor committing capital at that valuation would establish an external benchmark for the business, potentially valuable in subsequent refinancing, further stake sales or an eventual exit. Atlas CEO Michael Steen stated earlier in 2026 that the company may see changes in its ownership structure. L'Imad is competing against other strategic buyers and private equity firms that have been circling since Apollo first explored a sale.
L'Imad's transport and logistics portfolio#
The Abu Dhabi government consolidated assets from L'Imad and ADQ under the L'Imad structure earlier in 2026. The combined entity holds 25 investment companies and platforms with more than 250 subsidiaries. The portfolio includes Etihad Airways, Etihad Rail, AD Ports, TAQA, PureHealth, Modon, McLaren and Louis Dreyfus. L'Imad's investment framework lists aviation and ports as strategic sectors. L'Imad is working to raise its stake in AD Ports through an offer ADQ launched in August 2026 to buy shares it did not already control.
Etihad Cargo and Atlas Air operating relationship#
Etihad Cargo and Atlas Air have worked together since 2012. The carriers signed a new long-term agreement in 2025. Atlas now operates a dedicated 777 freighter on behalf of the Abu Dhabi carrier under that agreement. Martin Drew, who now serves as Atlas chief strategy and transformation officer, previously led Etihad Cargo. Etihad currently operates five of its own 777Fs and has ordered 10 A350Fs as it expands its dedicated cargo operation. The Atlas aircraft was added as Etihad sought additional main-deck capacity ahead of the arrival of its new-generation freighters.
Sources3 sources across 3 domains
- bloomberg.comBloombergL'Imad Holding considering stake in Atlas Air at valuation exceeding $10bn
- theloadstar.comThe LoadstarApollo acquired Atlas in 2023 at $5.2bn enterprise value; discussions at early stage; Atlas-Etihad operating relationship details
- enterpriseam.comEnterprise AML'Imad considering bid for Atlas Air stake; competing against other strategics and PE firms
Each source above carries the claim it supports. Links open the publisher's own page; their text is not reproduced here beyond what the claim requires, and their rights remain theirs.
Equity Arabia is published by Arabian Media Network. Pieces are produced by the Asset Sales Desk with AI-assisted synthesis of the cited sources and automated verification against the network's editorial policy. Every piece carries a desk rather than a reporter. Corrections are recorded on the piece and on the corrections page.