BAX Global Inc., an Irvine-based unit of Brink’s Co., is selling to German rail operator Deutsche Bahn AG for up to $1.2 billion, according to reports.
Deutsche Bahn, which runs Germany’s national rail network, plans to buy BAX to boost its U.S. operations, which include logistics company Schenker AG.
Shares of Brink’s surged on the BAX sale report.
In June, the Wall Street Journal reported that Virginia-based parent Brink’s was seeking a buyer for BAX.
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.
BAX offers overnight delivery services with a fleet of 21 aircraft. Abroad, the company arranges shipping by sea and air brokers shipments through customs.
