FedEx Corporation (FedEx) and TNT Express today jointly announced FedEx’s acquisition of TNT Express for €4.4 billion.
"This acquisition marks the beginning of a new era,” said Frederick W Smith, chairman and CEO of FedEx. “The timing of this event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates,” Smith added.
Alan B Graf, Jr, FedEx executive vice president and chief financial officer, pointed out that the integration process would begin immediately.
“In the near term, customers can expect to interact with each company as they always have and once the integration is complete, FedEx expects customers to enjoy an expanded global offering that draws upon the breadth of expertise from both companies,” said Graf Jr.
