Atlas Air Worldwide Holdings has received clearance to combine with a consortium led by private equity firm Apollo Global Management. The transaction is expected to close on March 17, 2023.

“On March 14, 2023, all regulatory conditions to the closing specified in the merger agreement were satisfied. Subject to the satisfaction or waiver of the remaining closing conditions, the Company expects the combination to be consummated on or about March 17,” the publicly traded group said.

Atlas Worldwide Holdings is the parent company of cargo airline Atlas Air the last built Boeing 747-8F. The volume of the merger transaction is valued at around 5,2 billion US dollars. The U.S. Department of Transportation gave clearance this week. Shareholders and other regulators had previously given the go-ahead.