It’s official. Germany’s Deutsche Bahn AG is buying Irvine-based BAX Global Inc. for $1.1 billion after months of speculation and a week of reports about a pending deal.
Deutsche Bahn, which runs Germany’s national rail network, confirmed the deal on Wednesday with Brink’s Co., BAX’s parent company.
BAX offers overnight delivery services with a fleet of 21 aircraft. Abroad, the company arranges shipping by sea and air and brokers shipments through customs. It employs more than 12,000 people around the world.
Deutsche Bahn is owned by the German government and is set to be privatized. The company said BAX would boost its U.S. operations, which include logistics company Schenker AG.
Virginia-based Brink’s is selling off BAX to focus on security services.
BAX had $738 million in revenue for the third quarter, which was up 20% from a year earlier.
The company had a third-quarter operating profit of $22 million, up 52% from a year earlier.
The sale is the latest in a string of big deals in Orange County this year. Among them:
, Minnesota-based UnitedHealth Group Inc.’s $8.1 billion pending buy of Cypress-based PacifiCare Health Systems Inc.
, Charlotte, N.C.-based Wachovia Corp.’s $3.9 billion pending buy of Irvine-based Westcorp and subsidiary WFS Financial Inc.
, Irvine-based Mexican fast-food chain El Pollo Loco Inc.’s acquisition by New York’s Trimaran Capital Partners LLC for an estimated $400 million.
, Anaheim-based Targus Group International Inc.’s acquisition by New York private equity firm Fenway Partners Inc. for $383 million.
