ABX Air has acquired US-based Cargo Holdings International in a US$350 million transaction.
ABX will create a new holding company structure by the end of the year incorporating ABX Air and Cargo.
The deal will be financed with four million shares of ABX stock, and cash from a new $345 million senior secured credit facility. The credit facility will also be used to refinance some of Cargo Holdings' debt.
Cargo Holdings, which provides outsourced air cargo and brokerage services, is based in Orlando, Florida. ABX expects the acquisition to boost its earnings beginning next year.
|
|
|
Source: aircargonews
|
|
