Australia Post buys $100m stake in Aramex

According to reports in The Australian, Australia Post has splashed out nearly $100 million to take a 4.5% share in Dubai-based logistics and transportation company Aramex.The Australian reports that under the deal Aramex will acquire a 49% stake in Star Track International and Australia Post will take a 4.5% stake in Aramex.The deal gives Australia Post 100% of local delivery of parcels and a split of revenues from the joint venture from the rest of the world into Australia.Aramex is considered to be the fourth-largest logistics company in the world, behind giants DHL, UPS, and FedEx/TNT.One of Aramex's co-founders, Fadi Ghandour, sold his final remaining stake in the company just last week.Last month Aramex announced a net profit of Dh125.7 million ($45 million) in the second quarter of 2016, an increase of 36% compared to the same period last year.