After breaking ground on a $150 million Asia hub in Guangzhou, China in January, FedEx has announced it will acquire the 50% stake of Tianjin Datian W. Group Co. Ltd. (DTW) in a FedEx-DTW international priority joint venture. The move will make the international priority express unit a wholly owned FedEx company. The acquisition, valued at $400 million, includes a domestic express network.
FedEx, which currently operates 23 flights per week to China, will add three more in March. The domestic network, which connects 200 cities in China, will add 100 cities in coming years.