#Dealwire is your dose of notable M&A deals in business and technology space. Firms covered in this segment include FedEx, TNT Express, TVS Automobile and Jazzmyride.
FedEx Corporation Buys TNT Express for $4.8B
FedEx Corporation has acquired TNT Express for $4.8billion.This announcement was made in a joint press release by FedEx Corporation, FedEx Acquisition B.V. and TNT Express N.V. The motive of the acquisition is to combine the strengths of the companies– the world’s largest air express network and European road network, which will expand the existing FedEx portfolio.
“This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners,” said Frederick W. Smith, Chairman and CEO of FedEx. “We are proud to celebrate the joining of two iconic companies and the approximately 400,000 team members who are committed to serving customers around the world.” Read more
TVS Automobile Buys Jazzmyryde
TVS Automobile Solutions Ltd (TVS ASL), a part of the $6 billion TVS Group, has picked up a majority stake in a Delhi-based online seller for car & bike accessories and spare parts Jazzmyride.com. The financial details of the deal have not been disclosed by either of the parties. Jazzmyride was founded in 2011 by Sunil Dhingra, with an aim to provide invariable car and bike accessories online. The startup was previously known as Storeji.com, sells spare parts, car & bike accessories, cleaning & protection equipment, car audio systems, and other components. It claims to have more than 10,000 car and bike accessories from 52+ brands primarily for Indian cars and bikes. Read more