The transaction could be completed by the end of 2024, so the details of the agreement will not be revealed for now.
This Monday, UPS announced its interest in acquiring the Mexican company Estafeta, with the aim of becoming the main international provider of parcel and logistics services.
«Global supply chains continue to evolve, Mexico’s role in global trade is growing and the Mexican SME and manufacturing sectors are seeking reliable access to the US market. There is no better way to take advantage of these trends than by combining the size and scale of UPS with Estafeta,” said Carol Tomé, president and CEO of UPS.
From their point of view, as nearshoring continues to increase, the business combination will offer clients in Mexico unprecedented access to global markets, with more efficient and fluid service.
The value and terms of the acquisition were not disclosed and the transaction is expected to close by the end of the year, subject to customary closing conditions and relevant regulatory approvals. In 2020, both companies announced a commercial agreement to provide Mexican SMEs with a logistics network that improves their competitiveness with the entry into force of the T-MEC, starting in 160 Estafeta contact points.
Estafeta President and CEO Jens P. Grimm expressed his excitement at combining Estafeta’s logistics legacy and 45 years of experience with UPS, a company with which he shares values of service excellence, investment in its people and Community participation.
“Today’s announcement is a testament to the hard work and dedication of our team, as well as the trust of our customers and suppliers in Mexico. This is the right time to accelerate our growth. “UPS will help connect our customers to new global opportunities and strengthen the connection of Mexico’s growing economy to the rest of the world,” he added.
