Australia Post finalises StarTrack acquisition14 November 2012
Australia Post has finalised the acquisition of Qantas' 50 per cent interest in StarTrack, becoming the sole shareholder in the leading national road freight company.
At the same time, Australia Post finalised the divestiture of its 50 per cent interest in Australian Air Express to Qantas. The transactions were completed after consultation with the ACCC.
Australia Post Managing Director and CEO Ahmed Fahour said:
"The StarTrack acquisition adds significant additional capability to Australia Post's services, particularly in the area of express and tracked parcel services meaning we can enhance our offer to customers, particularly our business customers.
"The acquisition forms part of a $2 billion investment in Australia Post's national logistics and retail network which will accelerate the creation of a world class parcels network to help drive the digital economy."
StarTrack CEO Stephen Cleary will continue to lead the company and StarTrack will remain a standalone entity in the Australia Post group.
Australia Post already owns 50 per cent of StarTrack and has been involved in the joint venture with Qantas since 2003.