FedEx (FDX) said that it is negotiating to acquire the privately held, 1000-employees-scale Tatex, in order to promote the growth of Federal Express Europe business.
FedEx has not disclosed the financial terms of this transaction yet.
TATEX was founded in 1976, is a business to business overweight goods express-delivery company with more than 1000 employees, annually transports over 19 million parcels, including the high-tech products, spare parts, automobiles and clothing.
This is the latest effort by FedEx to expand its operation in Europe, the company announced the acquisition of the Polish express delivery company Opek last month, but still did not disclose the transaction details.
FedEx plans to realize organic growth in Europe through small acquisitions, although the company predicted there will be a mild economic recession in Europe.
FedEx’s biggest rival UPS is also actively expanding business in Europe and the company is undergoing its biggest acquisition of the Dutch express delivery company TNT Express for approximately $6.8 billion.
As of the release of the article, FDX stock price fell 0.49%. Over the past 52 weeks, the highest level of FDX stock price was $98.66 while the lowest was $64.07.