FedEx to acquire Brazil’s largest logistics firm Rapidão Cometa

FedEx Corp yesterday said that it is buying Rapidão Cometa Logística e Transportes SA, Brazil's largest logistics firm, as part of its plan to expand in Latin America.

FedEx, the world's second-largest package delivery company, which recently acquired family-owned Polish shipping company Opek Sp. Z o.o and French express-transportation company Tatex SAS, did not disclose the financial terms of the Rapidão Cometa deal.

Founded in 1942, Rapidão Comet is the largest logistics solutions company in Brazil and an operating agreement with FedEx enables it to operate globally.

It has a fleet of 770 vehicles and approximately 9,000 employees and says it makes over 12 million deliveries per year, through its network comprising of 45 branches and 145 distribution points throughout Brazil.

Memphis, Tennessee-based FedEx said that the Brazilian market has enormous growth potential - both in the economy as a whole and in the logistics sector.

''The acquisition is in line with our long-term strategy to expand our business in Latin America and to better serve our customers seeking to enter or expand its operations in the Brazilian market,'' said Juan Cento, president of FedEx Express Latin America and the Caribbean.