FedEx Announces Completion Of TNT Express Acquisition

Wednesday morning it has completed the acquisition of TNT Express for 4.4 billion euros. FedEx announced in April of last year it plans to acquire the Dutch-based package delivery company which required the approval of the European Commission. The commission went on to approve the deal in January of this year. Other countries, including China approved the deal in in late April. FedEx said on Wednesday that the now finalized acquisition will create the "world's largest" air express network and an "unparalleled" European road network. The integration process will begin immediately and is also expected to "reshape" the global transportation and logistics industry. "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.