FedEx expects that the transaction, which is subject to customary closing conditions, will close in the third quarter of 2012. Rapidao Cometa has been one of FedEx's authorized representatives in Brazil for the past 11 years.
Specifically, the acquisition includes:
- 45 operational branches and approximately 145 distribution points
- Approximately 770 vehicles and trailers
- Logistics and distribution, which consists of a wide range of products and services
- A ground distribution network that provides day-definite transportation for small packages and heavyweight shipments
- Approximately 9,000 employees across Brazil
"Brazil is a market with tremendous growth potential-both in the overall economy, as well as in the logistics sector," says Juan N. Cento, president, FedEx Express, Latin America and Caribbean. "FedEx will now be able to provide a more comprehensive portfolio of services in Brazil, including international air express, domestic ground and value-added services such as supply chain and logistics solutions."
The integration of the logistics, distribution and express businesses of Rapidao Cometa will happen in phases during a period of 18 to 24 months after closing.