Memphis, TN: FedEx says it will expand in Latin America with its purchase of a Brazilian transportation and logistics company.
FedEx is buying Rapido Cometa Logstica e Transportes SA, one of the largest logistics companies in Brazil. Rapido has been its authorized representative in Brazil for 11 years.
With Rapido, FedEx (FDX) is getting about 770 vehicles and trailers, approximately 9,000 workers in Brazil and 45 branches.
Terms of the deal were not released. FedEx competitor UPS is bulking up with a $6.8 billion purchase of Dutch rival TNT Express. FedEx has not had a blockbuster deal like that. Instead, it has bought three smaller companies this year.