Memphis-based FedEx Corp.’s acquisition of Netherlands-based TNT Express is nearing completion after gaining regulatory approval in China.
With the necessary clearance from competition authorities in the US, European Union and Brazil already in hand, China was the last outstanding country where government officials could have attempted to veto the FedEx-TNT merger. But China’s ministry of commerce has given its “unconditional approval,” according to FedEx and TNT, clearing the way for the merger to close.
The acceptance period for the €4.4 billion ($5.04 billion) transaction, which was first proposed in February 2015, ends on May 13, meaning the deal’s closing now appears imminent.
“As we work towards closing the acquisition, we look forward to welcoming TNT Express team members to the FedEx family of companies as we expand our portfolio of solutions and connect even more people and possibilities,” FedEx Express president and CEO David Bronczek said in a statement.
TNT CEO Tex Gunning added, “With this final regulatory approval, we are one step closer to making the vision of combining the complementary networks of FedEx and TNT Express a reality. This intended acquisition will bring value for our customers, shareholders and employees.”