DHL Parent to Buy Airborne Ground Unit

Deutsche Post, owner of the DHL package-shipping service, agreed to buy Airborne Inc.’s ground operations and other assets for $1.05 billion to gain a U.S. truck delivery network and compete with rivals FedEx Corp. and United Parcel Service Inc.

Europe’s biggest postal company will pay $21.25 a share in cash for the assets, 18% more than Monday’s closing stock price, Chief Executive Klaus Zumwinkel said.

Airborne shares rose $1.82, or 10%, to $19.87 on the NYSE.