Cargojet to divest minority stake in U.S. carrier 21 Air

Cargojet Inc. says it has reached an agreement to sell its minority investment in 21 Air LLC, a Miami-based air cargo operator.

Chief executive Pauline Dhillon said the move will allow the company to focus on its domestic network, as well as its aircraft, crew, maintenance and insurance (ACMI) and charter operations, while redeploying capital toward core business areas.

21 Air is an all-cargo airline operating ACMI charters with a fleet of Boeing 767s.

Cargojet first acquired the stake in 21 Air in 2021, saying the investment provided insight into the U.S. cargo market and opportunities for collaboration.

The company said it will continue to work with 21 Air on select commercial opportunities following the divestment as it streamlines its operations around areas of strategic advantage.