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FedEx to Buy Watkins for $780 Million

May 30, 2006

CHICAGO – FedEx Corp. announced on May 26 that it will acquire the long-haul, less-than-truckload operations of privately held Watkins Motor Lines and certain affiliates for $780 million in cash, according to Reuters. The $780 million was within the $700 million to $900 million range expected by analysts. The transaction is expected to close during the first quarter of fiscal 2007 and is not expected to have a material effect on the fiscal 2007 financial results of Memphis, Tenn.-based FedEx. As part of the deal, FedEx has also agreed to acquire the assets of Watkins’ business in Canada, Watkins Canada Express.
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