MEMPHIS, TN: May 25, 2016. Fedex Corp. has completed its acquisition of TNT Express for a closing price of €4.4 billion. The result combines the world’s largest air express company with the leading European express road network.
“The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates,” said Fred Smith, FedEx founder, chairman and CEO. “Adding TNT’s capabilities to our existing world-class suite of services, including GENCO and the recently re-launched FedEx CrossBorder, will further expand the ability of FedEx to support business connections around the world.”
Smith said the acquisition marks the beginning of a new era: “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,” Smith continued.
FedEx said it will begin the integration of TNT Express immediately: “The TNT team members bring 70 years of diverse experience, which combined with that of FedEx team members, will make this integration a success,” added Alan Graf, FedEx executive vice president and CFO.