FedEx and TNT Express have jointly announced that they have obtained the unconditional approval of the European Commission for FedEx’s acquisition of the Dutch parcel carrier.
FedEx officially launched its €4.4 billion offer for TNT Express in August last year, but hit a bump after the European Commission said it would open an “in-depth investigation” into the deal amid concerns about the combined group's dominance in the international delivery of small packages in some European markets.
After its investigation, the European Commission has concluded that the deal does not raise any competition concerns.
“We are extremely pleased to receive the European Commission’s unconditional approval,” said David Binks, Regional President Europe, FedEx Express.
“We believe the combination of TNT Express and FedEx will provide significant value to the employees, customers and shareholders of both companies.”
FedEx and TNT Express have yet to obtain clearance of the transaction in remaining jurisdictions, including Brazil and China.
FedEx and TNT Express anticipate that the acquisition will close in the first half of 2016.