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Deutsche Bahn Buying Bax Global for USD1.1B |
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German railroad Deutsche Bahn AG is buying BAX Global, a U.S.-based logistics company owned by Brink’s Co., for about $1.1 billion in cash, Brink’s said Wednesday.BAX Global, an international freight transportation and supply chain management company, is based in Irvine, Calif., and has some 12,000 employees.
Brink’s said the deal is subject to regulatory clearance and approval by the German Transport Ministry, and should be completed around the end of the year.
“The sale of BAX Global represents an exciting opportunity for the BAX team to join with an industry leader that is committed to being a major long-term player in the field of freight transportation and logistics,” Brink’s President and CEO Michael Dan said.
Dan said the planned sale “will mark an important financial and strategic milestone” for Brink’s, which in future will focus entirely on security-related services. Brinks is based in Richmond, Va.
Government-owned Deutsche Bahn has been engaged in an efficiency drive to make it fit for eventual privatization. No firm date has been set, but finance minister-designate Peer Steinbrueck has said the government plans to privatize it in 2008 or 2009.
Source: ABC News
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