Qantas to acquire 100% of Australian Air Express

Qantas announced (02-Oct-2012) it reached an agreement to acquire Australia Post's 50% stake in Australian Air Express to become the freight carrier's sole owner. Qantas will also sell its 50% stake in StarTrak to Australia Post. Qantas expects to receive net proceeds of AUD408 million (USD422.91 million) plus completion adjustments of approximately AUD5 million (USD5.18 million) from the transaction, resulting in an estimated profit of AUD30 million (USD31.1 million). The transaction is expected to be completed in 4Q2012, subject to approvals. Qantas Group CEO Alan Joyce said, "through this acquisition we will be able to offer an integrated air freight product across domestic and international networks. By leveraging the best from both businesses and delivering efficiencies, we will provide a market-leading service to our customers. This transaction is consistent with the goals of the Qantas Group's strategy. It enables us to improve a core business area while divesting a non-core asset, StarTrack." [more - original PR]