FedEx to acquire Kinko’s

Jan 5, 2004 12:00 PM, by AP staff

FedEx Corp. (Memphis) and Clayton, Dubilier & Rice, Inc. (CD&R) have agreed that FedEx will acquire Kinko’s for $2.4 billion, payable in cash. Kinko’s operates approximately 1,200 stores worldwide and estimates annual revenue of about $2 billion. Funds managed by Clayton, Dubilier & Rice, a global private equity investment firm, own approximately 75 percent of Kinko’s outstanding shares.

“The FedEx and Kinko’s combination will substantially increase our retail presence worldwide and will enable both companies to take advantage of growth opportunities in the fast-moving digital economy,” says Frederick W. Smith, chairman, president and CEO of FedEx.

FedEx has been Kinko’s exclusive shipping provider since 1988, and currently operates full-service, staffed counters in 134 Kinko’s stores. The full range of shipping services will now be offered in all Kinko’s stores, greatly increasing FedEx Ground retail access in the U.S. and Canada and improving the retail presence for FedEx Express in key international markets. Kinko’s, for its part, plans to significantly expand from about 110 current international locations, concentrating on growth opportunities in Asia, North America and Europe. FedEx, which serves 215 countries worldwide, will use its global expertise to support Kinko’s strategic expansion.

The Kinko’s management team is expected to remain in place, and company headquarters will continue to be located in Dallas. The transaction is expected to close in Q1.

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