FedEx's $4.8 billion takeover of TNT Express has cleared another hurdle, winning unconditional approval from authorities in Brazil, the companies said Feb. 2.
The approval leaves a short list of countries, including China, where the companies are still pursuing clearance.
The deal is expected to close in the first half of 2016 and make FedEx a larger player in the European parcel delivery market. The European Union approved the deal in January and the companies have continued to seek competitive clearance in other countries in TNT's network.
“We are very pleased with the unconditional approval from the Brazilian regulatory authority,” said David Bronczek, president and CEO of FedEx 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.”