Brussels, BelgiumâDHL, a subsidiary of Deutsche Post World Net, on Tuesday announced it has agreed to acquire Seattle-based Airborne Inc. in a cash deal worth about $1.05 billion. The transaction will create the third largest U.S. express package delivery service, behind Federal Express and United Parcel Service of America. Under the agreements, DHL will acquire Airborne's ground operations, while Airborne's air operations will become an independent public company called ABX Air Inc. that will be wholly owned by Airborne's current shareholders. "The UPS/FedEx duopoly has a 79% share of the U.S. express delivery market, and the combination of DHL and Airborne will enable us to create a much stronger competitor, which will benefit a broader range of express delivery customers," Carl Donaway, chairman-CEO of Airborne, said in a statement. Donaway is to become the CEO of the enlarged DHL business in the U.S.