FedEx Express to Acquire Express Company In India
Mumbai, 02 November 2006 – FedEx Corporation (NYSE: FDX) announced today that its FedEx Express unit has signed an agreement to acquire its Indian service provider, Prakash Air Freight Pvt. Ltd. (PAFEX) for US$30 million, payable in cash. The transaction, which is subject to customary conditions including Indian government approval, will further extend the FedEx leadership position in the global express industry with a wholly-owned operation in one of the world’s fastest growing markets.
PAFEX, a privately held company, is one of the largest domestic express companies operating in
“This acquisition will solidify the FedEx leadership position within
FedEx Express began operating in
o FedEx was the first express company to introduce an all cargo flight in
o FedEx began the first overnight express service between
o FedEx was the first express air cargo company to operate two gateways in
JP Morgan acted as financial advisor to FedEx.
About FedEx Express
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of US$33 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.