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UPDATE 1-Singapore Post unit to buy Australia-based distribution firm Border Express

(Adds details on acquisition in paragraphs 2-5)

Nov 1 (Reuters) - Singapore Post said on Wednesday its Australian unit entered an agreement to acquire transport and distribution services company Border Express for not more than A$210 million ($132.93 million) to expand its logistics network in Australia.

The company, which is also known as SingPost, is making the acquisition via its 88%-owned Freight Management Holdings (FMH). SingPost also said that it has reached an agreement with FMH's remaining minority shareholders to take full ownership of the company.

With the acquisition of Border Express, FMH's revenue is expected to exceed S$1 billion ($730.09 million), SingPost added.

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The transaction will help further expand SingPost's logistics network in Australia, where the logistic market is estimated to be worth more than A$120 billion, it said.

Border Express has a network of 16 facilities in Australia with a fleet of over 700 vehicles and workforce of 1,300, according to the statement. ($1 = 1.5798 Australian dollars) ($1 = 1.3697 Singapore dollars) (Reporting by Himanshi Akhand in Bengaluru and Yantoultra Ngui in Singapore; Editing by Mrigank Dhaniwala and Eileen Soreng)