World Air to be bought by Global Aero Logistics for $315 mln

April 5 (Reuters) - World Air Holdings Inc. WLDA.PK said it agreed to be bought by Global Aero Logistics Inc., which owns ATA Airlines, for $315 million in cash.

Under the agreement, World Air Holdings shareholders will receive $12.50 for each share of World Air Holdings common stock they hold.

Following the deal, Global Aero Logistics will operate three independent airlines: World Airways, North American Airlines and ATA Airlines. (Reporting by Hari Kumar in Bangalore)