UPS Agrees to Buy Challenge Air Cargo Assets

United Parcel Service of America Inc., the world’s largest package-delivery company, agreed to buy Miami-based Challenge Air Cargo’s assets for an undisclosed price to expand in Latin America. Closely held UPS will acquire take-off and landing rights in the region, in addition to Challenge Air’s 1,200 employees, ground facilities and ground equipment in Miami and Latin America. Challenge Air, also closely held, will continue to operate its leased airplanes for UPS in the near term, UPS said. The aircraft aren’t part of the purchase agreement. Details of the purchase will be completed in the next several weeks and the transfer of assets should happen by Jan. 1, the companies said.