FedEx Corporation announced 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 worlds 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
· FedEx was the first express company to introduce an all cargo flight in
· FedEx began the first overnight express service between
· FedEx was the first express air cargo company to operate two gateways in
As one of the fastest growing economies in the world,
JP Morgan acted as financial advisor to FedEx.
About FedEx Express
FedEx Express is the worlds largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money back guarantee.