The signing of paperwork has completed a €4.4 billion (£3.3 billion) takeover deal between FedEx Corporation and TNT Express.

Overall, the deal has taken a year to complete and it was announced by David Bronczek, the president and chief executive officer (CEO) of FedEx Express, reports Logistics Manager.

Frederick V Smith, chairman of FedEx, said: "The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates."

He added that with TNT's capabilities, along with FedEx's current services, the company will be able to expand and support business connections all over the world.

Integration of the business will start right away with David Binks, president of FedEx Express Europe taking over as CEO of TNT Express.

The two brands will be amalgamating, but FedEx will also be using the TNT brand separately for the next few years.

Combining the companies aims to increase the amount of investment in technology, infrastructure and facilities in order to ensure their long-term plans for growth.