Deutsche Post to Buy Air Express

DARIEN, Conn. (AP) – Air Express International, a leading U.S. freight forwarder that arranges international shipments, is being acquired for $1.14 billion by Deutsche Post AG, Europe's biggest mail, parcel and logistics company.

Under the deal announced Monday, Deutsche Post will acquire Air Express for $33 per share in cash and integrate it into its Danzas Intercontinental division.

That is a slim premium over Air Express' closing share price on Friday of $32.25 a share when rumors of a deal pushed the stock up 5.5%.

In afternoon trading Monday, Air Express was off 6.25 cents a share at $32.1875.

The deal gives Deutsche Post, based in Bonn, Germany, a presence in the United States and makes Danzas one of the leading air freight companies worldwide, analysts say.

Air Express, based in Darien, is an international airfreight forwarder. It doesn't ship items itself but subcontracts with freight carriers, warehouses and distribution companies to ship parcels.

Air Express has 7,700 employees working in 705 locations in more than 135 countries and had gross revenue before costs of $1.5 billion last year.

Deutsche Post's Danzas division is based in Basel, Switzerland, and employs about 29,000 people.