As the foundation for building FedEx Trade Networks, FedEx Corp. today announced plans to acquire Tower Group International and its Canadian subsidiary from The McGraw-Hill Companies. Tower Group International is a leader in the business of international logistics and trade information technology. The acquisition is subject to regulatory review in the U.S. and Canada, and it is anticipated the transaction will close by the end of February. Tower Group International will become a subsidiary of the new FedEx Trade Networks. Tower Group International and other FedEx Trade Networks units will provide services to customers of its sister FedEx companies as well as other international shippers.
International shipping is an increasingly vibrant market segment.
With unprecedented global air route authorities to 210 countries, FedEx Express is the industry leader in reliably serving this growing market. FedEx connects 90 percent of the world's economic activity with delivery in one to two business days. More U.S. Customs import entry transactions are processed through FedEx Express than any other express operator. FedEx Express has contracted with Tower Group International on customs issues since 1994. We welcome this progressive company as a full-fledged member of the FedEx family.