Qantas has reached an agreement to sell its 50 per cent stake in StarTrack to Australia Post and acquire 100 per cent of the air freight business Australian air Express. Qantas expects to receive net proceeds of $408 million plus completion adjustments of approximately $5 million from the transaction. It is estimated that the transaction will result in a profit of approximately $30 million. Under joint venture arrangements between Qantas and Australia Post, each party currently owns 50 per cent of Australian air Express and StarTrack in an arrangement that has existed since 2003. The transaction is subject to a number of conditions, namely Australian Competition and Consumer Commission approval for Australia Post's acquisition of StarTrack and final approval from Australia Post's shareholder. Qantas Group CEO Alan Joyce said the 100 per cent acquisition of Australian air Express would significantly strengthen the group's air cargo network.