Market Overview

FedEx to Acquire Polish Shipping Company Opek Sp.z o.o.

FedEx Corp. (NYSE: FDX) announced today that it signed an agreement to acquire the Polish courier company Opek Sp.z o.o. (Opek), the latest step in its strategy for growth in Europe.

This acquisition will give its FedEx Express business unit access to a nationwide domestic ground network with an estimated $70 million in annual revenue and 12.5 million shipments annually. FedEx expects that this transaction will most likely close in the summer 2012, after necessary regulatory approvals and subject to customary conditions. The acquisition of Opek will supplement the FedEx Express service portfolio in Poland and continue its European expansion through smart, strategic investments.

“In recent years, we have made significant investments throughout Europe, greatly expanding our network coverage and improving service to customers,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. “Our presence in Europe is backed by strong leadership and management and dedicated team members. We have an excellent strategy that has steadily advanced our position in the region, and we are well positioned for profitable growth as we increase the number of direct-served locations in Europe.”

Posted-In: News M&A Global

 

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