Brink's to Sell BAX Global to German Firm for $1.1 Bln.
he Brink’s Co. said Wednesday it had signed an agreement to sell its BAX Global operating unit for about $1.1 billion Deutsche Bahn AG.
The transaction is expected to be completed by the end of the year. Net proceeds after taxes and expenses related to the transaction are expected to be about $900 million, Brink’s said in a statement.
BAX Global, headquartered in Irvine, Calif., is a $2.4 billion supply chain management and transportation and logistics company specializing in heavyweight airfreight cargo and package shipments.
Michael Dan, Chairman and Chief Executive Officer Brink's, said Brink’s would focus “entirely on security-related services” going forward.