An American global courier delivery services company FedEx Corporation has acquired TNT Express in a $4.8 billion deal.
The two companies have been operating independently in Malawi and other countries across the globe.
In a statement signed by FedEx Chief Executive Officer (CEO) Frederick W. Smith, the company says the merger builds upon competitive positioning in global transportation and logistics industry.
“The acquisition combines the strengths of the companies – the world’s largest air express network and an unparalleled European road network, which will expand the existing FedEx portfolio and reshape the global transportation and logistics industry,” reads the statement made available to Malawi24.
The merger of the two will leverage investments in technology, infrastructure, facilities and operational capabilities to position the combined companies for long-term growth and success.
FedEx was established in 1971 with its headquarters at Memphis, United States of America (USA). It is the world’s largest air express network in terms of freight tons flown and the world’s fourth largest in terms of fleet size.