FedEx completes “historic” €4.4bn European deal
FedEx has completed its €4.4bn (£3.3bn) acquisition of TNT Express, with the company describing the deal as a “historic event”.
The company said in an announcement that the transaction brings together the world’s largest air express network and an “unparalleled European road network”.
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It said the combination would “reshape the global transportation and logistics industry”.
Frederick W Smith, chairman and chief executive of FedEx, said: “The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates.
“Adding TNT’s capabilities to our existing world-class suite of services, including GENCO and the recently relaunched FedEx CrossBorder, will further expand the ability of FedEx to support business connections around the world.”
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He added: “Over our 43 year history, FedEx has repeatedly reinvented and revolutionized the industry, from the first overnight express service backed by a money-back guarantee to the invention of internet shipping.
“And just as we revolutionized the U.S. domestic parcel business through the acquisition and development of what is now FedEx Ground, the acquisition of TNT will change the way customers view FedEx around the world.”