The US$4.8 billion acquisition of TNT by FedEx moved one step closer to approval, with Brazilian regulatory authorities giving the transaction its green light. The acceptance period for the deal was extended for two weeks on Jan. 8, following the satisfaction or waiver of the offer condition with respect to these competition clearances.
“We are very pleased with the unconditional approval from the Brazilian regulatory authority,” said David Bronczek, president and CEO ofFedEx Express. “Once the acquisition is closed, we look forward to the opportunities it will bring to our employees, customers and shareholders in Latin America and across the globe.”
Remaining competition clearances must still be obtained from authorities in China. The companies recently announced the unconditional approval from the United States and the European Union. Under Brazilian law, the decision may be appealed within 15 calendar days of the official publication of the decision.
In a joint statement from FedEx and TNT Express, the two companies said they will continue to work constructively with the regulatory authorities to obtain clearance of the transaction in other relevant jurisdictions, including China. FedEx and TNT Express said they are making timely progress and estimate that the deal will close in the first half of 2016.