The European Commission has unconditional approved FedEx’s takeover of TNT Express in a deal valued at €4.4 billion.
The commission, after a detailed investigation, determined that the deal does not raise any competition concerns.
“We believe the combination of TNT Express and FedEx will provide significant value to the employees, customers and shareholders of both companies,” states David Binks, Regional President Europe, FedEx Express.
TNT Express is an express delivery company, which operates road and air transportation networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. The company collected €6.7 billion in revenue in 2014.
FedEx still needs approvals from several countries, including Brazil and China. The deal has already been approved the U.S. regulators last year.
FedEx said that it continues to work constructively with the regulatory authorities to obtain clearance of the transaction in the remaining jurisdictions.
The parties expect the deal to close in the first half of this year.