FedEx acquires Dutch rival TNT Express for €4.4 bn
Logistics major FedEx on Wednesday said it has acquired Dutch rival TNT Express for 4.4 bn euro and is poised to expand and reshape transportation and logistics industry. "FedEx Corporation, FedEx Acquisition BV (the offeror) and TNT Express NV jointly announce that FedEx has acquired TNT Express. The (euro) 4.4 bn acquisition combines the strengths of the companies the world s largest air express network and an unparallelled European road network, which will expand the existing FedEx portfolio and reshape the global transportation and logistics industry," FedEx said in a statement.
This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for its people, customers and shareowners, said FedEx Chairman & CEO Frederick W Smith. "We are proud to celebrate the joining of two iconic companies and the approximately 400,000 team members who are committed to serving customers around the world," he said. The timing of the event is important in view of the current market environment where global e-commerce is growing at double-digit rates, he said. "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.