The Brink's Company announced today it has completed the sale of its BAX Global heavylift air unit to Germany's Deutsche Bahn AG for $1.1 billion in cash.
BAX is the world's largest heavy shipment carrier.
The deal will enable rail and logistics provider Deutsche Bahn to significantly expand its position as an international logistics services provider in the growing Asia/Pacific markets, as well as in China and the U.S.
The Richmond, Va.-based company said it has retained ownership of its Air Transport International LLC pending regulatory approval.
Brink's said after-tax proceeds are expected to total $1 billion, and will be used to fund legacy retiree medical costs as well to pay down $185 million in debt.