FedEx and TNT Express have jointly announced that FedEx has completed its acquisition of TNT Express. The €4.4bn acquisition combines the networks and capabilities of the two companies.
“This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners,” said Frederick W. Smith, Chairman and CEO of FedEx. “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.”
“The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates,” Smith added. “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.”
FedEx plans to begin the integration process immediately. The company stated that in the near term, customers can expect to interact with each company as they always have. Once the integration is complete, FedEx expects to offer an expanded global offering that draws on the resources of both companies.
Source: FedEx/ TNT