FedEx Corp. said Thursday it will acquire French express-delivery company Tatex as it pursues European growth through small deals and expansion of existing businesses.
Terms were not disclosed. Talks on the deal were originally reported in April.
Tatex, formerly known as TAT Express, has annual sales of about 150 million euros ($194 million) and focuses on heavy shipments between businesses, FedEx said.
“FedEx has always recognized the importance of markets such as Europe, the Middle East and Africa, CEO Fred Smith said in a statement.
The planned purchase “shows we are continuing to systematically and strategically invest in growing our network and value proposition in these important areas.”
Both FedEx’s acquisition and rival UPS Inc.’s recently announced plan to buy Europe’s second-largest package delivery company, TNT Express, are subject to government review.