BAX GLOBAL SOLD TO DEUTSCHE BAHN AG
IRVINE - 11/22/05 - The Brink's Company has signed a definitive agreement to sell its BAX Global operating unit for approximately $1.1 billion in cash to Deutsche Bahn AG.
Net proceeds after taxes and expenses related to the transaction are expected to be approximately $900 million.
Closing of the transaction is subject to customary conditions and regulatory approvals, including reviews under the US Hart Scott Rodino Act and the European Union's laws and regulations as well as the approval of the German Ministry for Transport.
The transaction is expected to be completed by the end of the year.
Irvine, California-headquartered BAX Global Inc. offers multi-modal logistics management for business-to-business shippers through a global network of nearly 500 offices in 133 countries.
The company - which specializes in the movement of heavyweight packages and customized services for the aerospace, automotive, hi-tech, retail, and health care industries - generated revenues of more than $2 billion in the first three quarters of this year, compared to $1.75 during the same period in 2004.
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