Cargojet to sell interest in 21 Air

Executive Summary

• Cargojet Inc. has entered into an agreement to divest its minority investment in 21 Air LLC, a Miami-based air cargo operator.
• The transaction is designed to streamline operations, strengthen focus on core domestic, ACMI, and charter networks, and redeploy capital toward areas of clear strategic advantage.
• Post-divestment, Cargojet and 21 Air will maintain a collaborative relationship on select commercial opportunities within the air cargo market.

Key Details

• Transaction Type: Divestment of minority investment
• Target Company: 21 Air LLC (Miami-based air cargo operator)
• Original Acquisition Date: 2021
• Strategic Rationale: Streamline corporate efforts toward core strengths, reinforce focus on domestic network, ACMI, and charter operations, and redeploy capital
• Post-Transaction Arrangement: Continued collaboration on select commercial opportunities to support customers in the growing air cargo market
• Operational Context: Cargojet operates a fleet of 41 aircraft and transports over 25 million pounds of cargo weekly across North America

Notable Quotes

• Pauline Dhillon, Chief Executive Officer: "This decision strengthens our focus on our robust domestic network, ACMI and charter operations while allowing us to deploy capital in areas aligned with Cargojet's core strengths."