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ABX Air Inc (NASDAQ:ABXA) has agreed to acquire Cargo Holdings International Inc, a privately held provider of outsourced air cargo services based in Orlando, Florida.
The transaction has been valued at approximately USD350m. ABX said Cargo Holdings (CHI) is a provider of air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Additionally, CHI provides aircraft leasing, fuel management, specialised transportation management and air charter brokerage services.
According to ABX, by the closing of this transaction, the company will create a new holding company structure, with ABX Air Inc becoming a wholly owned subsidiary of ABX Holdings Inc and CHI becoming a wholly owned subsidiary of ABX Holdings Inc.
The final equity purchase price of the transaction is anticipated to be USD260m.
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