Only weeks after making a deal with cargo company Air Transport Services Group (ATSG) to lease a fleet of 20 planes to use for shipping packages, Amazon is now a part owner of the company.

In a recent filing with the Securities and Exchange Commission, Amazon revealed that it was taking advantage of its option to acquire approximately 7.1 million shares of ATSG, giving the online retailer a 9.9% ownership stake in the company.

Being just a hair short of 10% ownership is important here, as Amazon would be entitled to a seat on the ATSG board at that point. Though that does seem inevitable, as Amazon’s arrangement with ATSG leaves open the door for the retailer to acquire a total of 1/5 of the company’s common stock.

While ATSG gets a $69 million cash shot in the arm with the investment, Amazon is getting ATSG shares at significantly less than they are currently worth. As of Friday, when the deal was announced, this stock was selling for a little more than $14/share, while Amazon paid $9.73.

[via the Seattle Times]

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