World Air Holdings, Inc, headquartered in Peachtree City, has entered into an agreement to sell the company to Global Aero Logistics Inc. for $315 million, company officials said.

According to the agreement, World Air shareholders will get $12.50 in cash for each share of common stock owned. The transaction must be approved by World Air Holdings shareholders at a special meeting on the deal, and all regulatory approvals and closing conditions must be met, officials said.

Company officials expect the transaction to be finalized sometime during the third quarter of this year.

Many of World's 275 employees live in Fayette County and stand to be affected somehow by the sale.

World Air Holdings consists of three wholly owned subsidiaries: World Airways, Inc., North American Airlines, Inc., and World Risk Solutions, Ltd. World Airways is a charter passenger and cargo airline founded in 1948, North American is a charter passenger airline founded in 1989, and World Risk Solutions is an insurance subsidiary established in 2004.

World Airways is the largest commercial carrier of U.S. military personnel and the airline flies to 50 different countries. It has the capacity for passengers and cargo.

World Air Holdings had been in some financial trouble last year due to reporting errors and that ultimately led to the stock being delisted by NASDAQ.

The decision to sell the company was made after a special committee of the company, in conjunction with its financial advisor, determined it is the “option most likely to maximize value for shareholders,” according to a company news release.

"We believe it is in the best interests of our shareholders to approve this transaction," said Ronald Fogleman, World Air Holdings chairman. "This is the most responsible alternative to enhance shareholder value and is in the best interests of our shareholders, our customers and our employees."

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