The parent company of ATA Airlines, a discount airline with flights to Hawai'i, said it will buy World Air Holdings Inc., giving it an increased presence in the military charter market.

Global Aero Logistics Inc. said it will pay $315 million for World Air, which has its own operations as well as operating North American Airlines, a charter service that once had scheduled flights to Hawai'i.

Shareholders of World Air are to get $12.50 for each of their shares from Global Aero Logistics Inc., the newly renamed parent of ATA, the companies said. Global Aero is 83 percent owned by private-equity investor Matlin Patterson Global Opportunities Partners LP, run by former Credit Suisse First Boston executives David Matlin and Mark Patterson.

Acquiring World Air would expand Global Aero's military charter business. Indianapolis-based ATA does civilian and military flying, and its parent, ATA Holdings Inc., took on the Global Aero name Thursday.

The sale must be approved by World Air shareholders and requires U.S. regulatory approval, the Peachtree City, Ga.-based airline said.

The transaction should be completed in the third quarter, airline spokesman Steve Kuntz said.

World Air's North American Airlines, founded in 1989, operates charter flights for the U.S. military and commercial customers, and operates flights between New York and South America and west Africa, Kuntz said.