FedEx announces acquisition of Dutch rival TNT Express
FedEx Corporation announced yesterday that it has completed its acquisition of TNT Express, the fourth largest global parcel operator, for €4.4 billion.
Frederick W. Smith, Chairman and CEO of FedEx, said: "This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners. 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.”
FedEX announced that it intended to buy the Dutch package delivery company in April of 2015. The deal gained the compulsory approval of the European Commission in January of this year.
Now that the acquisition process is complete, integration will begin immediately. FedEx anticipates that the combination of TNT’s unparalleled European road network with its own expansive air express network will “reshape” the global transportation and logistics industry.
“We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe, particularly in Europe where we will establish a strong new competitor,” said Alan B. Graf, Jr., FedEx Executive Vice President and Chief Financial Officer.
“The TNT team members bring 70 years of diverse experience, which combined with that of FedEx team members, will make this integration a success.”
Photo courtesy of Angel DiBilio / Shutterstock.com
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