FEDEX Corporation and TNT Express have jointly announced that FedEx has acquired TNT Express for EUR4.4 billion (US$4.9 billion), making the merged company, the world's biggest air express concern.

The joint statement said the merger had also created an "unparalleled European road network, which will expand the existing FedEx portfolio and reshape the global transportation and logistics industry."

Said FedEx chairman Fred Smith: "We are proud to celebrate the joining of two iconic companies and the 400,000 team members who are committed to serving customers around the world."

He said the timing was important, because the current market environment saw global e-commerce grow at double-digit rates. 

"Adding TNT's capabilities to our existing services, including GENCO and the recently relaunched FedEx CrossBorder, will further expand the ability of FedEx to support business connections around the world," Mr Smith said.

Said chief financial officer Alan Graf: "This strategic acquisition will add significant value for FedEx shareowners, team members and customers, particularly in Europe where TNT team members bring 70 years of diverse experience."

Now that FedEx has acquired TNT Express, the integration process will begin immediately. Customers can expect to interact with each company as they always have, said the joint statement. 

"Once the integration is complete, FedEx expects customers to enjoy an expanded global offering that draws upon the breadth of expertise from both companies," it said.

FedEx, with annual revenues of $49 billion (not including TNT Express), employs 400,000. TNT Express, with 155,000 two years ago and some 50,000 last year, the company posted revenues of EUR6.9 billion in 2015.