Deutsche Bahn planning $1.12 billion BAX Global acquisition
German state-owned rail operator Deutsche Bahn is planning a $1.12 billion takeover of BAX Global, the logistics unit of U.S. security firm The Brink’s Co., Reuters reports.
Deutsche Bahn is also the owner of international forwarding giant Schenker.
Irvine, Calif.-based BAX Global has 500 offices worldwide with approximately 12,000 employees. In 2004, BAX Global posted revenue of $2.44 billion and an operating profit of $56.2 million.
According to Reuters’ sources the two parties held talks last Wednesday and are expected to sign a formal purchase agreement today.
Shares in Richmond, Va.-based Brink’s were up $1.24 (or 2.64 percent) to $48.24 at Monday 11 a.m. on the New York Stock Exchange.