SINGAPORE – Singapore Post said on Wednesday its Australian unit has entered an agreement to acquire transport and distribution services company Border Express for not more than A$210 million (S$182.3 million) to expand its logistics network in Australia.

The company is making the acquisition via its 88 per cent-owned Freight Management Holdings (FMH).

SingPost also said that it has reached an agreement with FMH’s remaining minority shareholders to take full ownership of the firm.

With the acquisition of Border Express, FMH’s revenue is expected to exceed $1 billion, SingPost added. The transaction will help further expand SingPost’s logistics network in Australia, where the logistics market is estimated to be worth more than A$120 billion, it said.

Border Express has a network of 16 facilities in Australia, with a fleet of more than 700 vehicles and workforce of 1,300, SingPost said. REUTERS