NOTE 3: BUSINESS COMBINATIONS
During 2013, we expanded our international service offerings by completing the following business acquisitions:
These acquisitions give us more robust transportation networks within these countries and added capabilities in these important international markets.
The financial results of these acquired businesses are included in our results from the date of acquisition and were not material, individually or in the aggregate, to our results of operations and therefore, pro forma financial information has not been presented.
The estimated fair values of the assets and liabilities related to these acquisitions have been included in the accompanying consolidated balance sheet based on an allocation of the purchase prices (summarized in the table below in millions).
| Current assets | $ | 145 |
| Property and equipment | 91 | |
| Goodwill | 351 | |
| Intangible assets | 60 | |
| Other non-current assets | 70 | |
| Current liabilities | (174) | |
| Long-term liabilities | (36) | |
| Total purchase price | $ | 507 |
The goodwill of $351 million is primarily attributable to expected benefits from synergies of the combinations with our existing business and other acquired entities. The portion of the purchase price allocated to goodwill is not deductible for U.S. income tax purposes. The intangible assets acquired consist primarily of customer-related intangible assets, which will be amortized on an accelerated basis over their average estimated useful lives of nine years, with the majority of the amortization recognized during the first five years.
On June 20, 2013, we signed agreements to acquire the businesses operated by our current service provider Supaswift (Pty) Ltd. in five countries in Southern Africa. The acquisition will be funded with cash from operations and is expected to be completed in the second half of 2014, subject to customary closing conditions. The financial results of the acquired businesses will be included in our results from the date of acquisition and will be immaterial to our 2014 results.
During 2012, we completed our acquisition of Servicios Nacionales Mupa, S.A. de C.V. (MultiPack), a Mexican domestic express package delivery company, for $128 million in cash from operations on July 25, 2011. In 2011, we completed the acquisition of the Indian logistics, distribution and express businesses of AFL Pvt. Ltd. and its affiliate Unifreight India Pvt. Ltd. for $96 million in cash on February 22, 2011. The financial results of these acquired businesses were not material, individually or in the aggregate, to our results of operations or financial condition and therefore, pro forma financial information has not been presented. Substantially all of the purchase price was allocated to goodwill.