Qantas has agreed a deal with Australia Post to buy its 50 percent stake in Australian air Express in exchange for selling its 50 percent stake in StarTrack.
Qantas and Australia Post have owned the two companies since 2003 under joint venture arrangements.
Qantas Group CEO Alan Joyce said the 100 per cent acquisition of Australian air Express would boost the Group’s air cargo network.
“Through this acquisition we will be able to offer an integrated air freight product across domestic and international networks,” he added.
The Australian airline said if competition regulators and shareholders approve the deal, it would expect to receive net proceeds of A$408 million (US$422 million) from the transaction plus completion adjustments of approximately $5 million.
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