FedEx Express acquisition to expand Israel presence

The express carrier reached a deal to acquire the international express business of Israel-based Flying Cargo Group.    FedEx Express said it has reached an agreement to acquire the international express business of Israel-based Flying Cargo Group.
   The acquisition is expected to close in the first half of 2019 and is subject to regulatory approval. Financial terms of the deal were not disclosed.
   FedEx Express began serving Israel through the international division of Flying Cargo Express in 1990, and since May 2016, TNT Express, including TNT in Israel, has been part of the global FedEx group of companies.
   “We are convinced that while the Flying Cargo Group will continue to develop our other logistics and distribution businesses, FedEx Express will even better meet the evolving needs of customers in Israel,” said Flying Cargo owners Avi and Dany Reik.
   Meanwhile, FedEx Express, through its TNT subsidiary in Israel, and Flying Cargo Group’s international express business in Israel will continue to operate independently until the acquisition is complete, the companies said.