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Qantas offloads cargo asset to Australia Post
King & Wood Mallesons has advised on a high-flying deal in which Qantas has sold its stake in road freight operator StarTrack Express to Australia Post and moved to take full ownership of air freight business, Australian air Express.
Digital
Firms: King & Wood Mallesons (Australia Post)
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Deal: Australia Post has acquired Qantas Airway’s 50 per cent stake in freight group StarTrack Express, and sold its stake in air freight business Australian Air Express to Qantas
Area: M&A
Value: Qantas Airways said it expected to receive $408 million plus completion costs of around $5 million, from the deals, which would result in a profit of approximately $30 million
Key players: The King & Wood Mallesons team was led by partner Craig Semple (pictured), who was supported by solicitor Robert Kelly. Qantas mostly used its in-house legal team
Deal significance: The joint venture arrangements were established in 2003, and Qantas and Australia Post each currently own 50 per cent of both StarTrack Express and Australian Air Express. Under the deal, Australia Post will take full control of StarTrack Express by acquiring Qantas’ stake in the joint venture, and Qantas will take full control of Australian Air Express by acquiring Australia Post’s stake in the joint venture.
