The global large widebody freighter market will likely remain supply constrained for the next 4-5 years at least. At the end of May Atlas announced a deal to acquire de facto commercial control of Air Atlanta’s operating platforms and ownerships of Air Atlanta’s fleet. Together, both companies will control around 60% of the global large widebody ACMI outsource business and about 13% of the large widebody freighter fleet. Will Atlas acquisition of Air Atlanta matter to the air cargo business? We think yes. Even though Air Atlanta is about one tenth of the size of Atlas the tie-up could have major implications for customers and competitors. In our minds the deal raises some fundamental questions: Will Atlas become more valuable? What is the upside for Air Atlanta? Will customers benefit? And will this create new opportunities for competitors? This article presents our thinking on each of these issues.