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FedEx acquires TNT Express
The deal is finally done: FedEx has acquired TNT Express.
The two companies announced the deal in a joint press release. The deal has been made for €4.4 billion.
“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, CEO and Chairman 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.
“Over our 43 year history, FedEx has repeatedly reinvented and revolutionized the industry, from the first overnight express service backed by a money-back guarantee to the invention of internet shipping. And just as we revolutionized the U.S. domestic parcel business through the acquisition and development of what is now FedEx Ground, the acquisition of TNT will change the way customers view FedEx around the world.”
The announcement follows a year-long wait for FedEx, which had to jump through regulatory hoops around the world before the deal could be approved—including Europe, the USA, Brazil and China.
According to the press release, the integration process will start immediately. In the short term, TNT and FedEx will both continue to operate as they have been doing and customers will be able to use both companies.
FedEx has settled the TNT Express shares tendered during the acceptance period, but the remaining shares can still be tendered post-closing.
Read the full press release over at FedEx Newsroom.