Airborne Inc. is negotiating to sell its ground operations to DHL Worldwide Express, Airborne confirmed.
DHL would pay cash at a premium over the express mail company’s current stock price.
The Wall Street Journal reported on Monday that the companies were close to an agreement for just over $1 billion. DHL would pay in the low $20s per share.
Airborne’s ground operations accounted for 11% of the company’s total volume of shipments last year.
Seattle-based Airborne said in a statement that its air operations would become an independent public company that would continue to be wholly owned by Airborne’s current shareholders.
DHL is owned by Deutsche Post of Berlin, which, in turn is 69% owned by the German government.
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