CTT – Correios de Portugal and DHL eCommerce have received unconditional approval from the European Commission for their planned joint venture, clearing a key regulatory hurdle for the transaction.
The approval, granted under the EU Merger Regulation, was the main external condition required for the deal, which was first announced in December 2024.
With this step completed, both companies will move forward with the remaining requirements to formally establish the joint venture. The transaction is still subject to clearance under the EU Foreign Subsidies Regulation and other conditions, with completion expected in May 2026.
Pablo Ciano, CEO of DHL eCommerce, said, “We welcome the news that clearance has been granted to proceed with the joint venture between DHL eCommerce and CTT. We look forward to jointly creating a high-performing network that delivers quality, reliability and value for B2B and B2C customers in Spain and Portugal.”
He added that the partnership would support retailers’ growth ambitions and strengthen DHL’s position in the European e-commerce market.
João Bento, CEO of CTT, said the approval represents “an important milestone,” and added, “By combining our strengths across the Iberian Peninsula, we enhance the value we deliver to companies and customers and address more effectively the fast-paced expansion of e-commerce.”
The partnership is intended to improve efficiency and competitiveness in the Iberian parcel market, which is Europe’s fourth largest. The agreement will create two extensive parcel networks with a joint daily capacity exceeding one million shipments, and will generate combined revenues of around €1bn, the companies stated.
The structure of the deal includes CTT Expresso acquiring DHL eCommerce’s operations in Portugal, while Grupo CTT will take a 25% stake in DHL eCommerce Spain. DHL eCommerce will also acquire a 25% stake in CTT Expresso, with both parties holding options to increase their shareholdings to up to 49%.
Operationally, CTT Expresso will manage DHL eCommerce parcel volumes in Portugal. In Spain, the companies will adopt a complementary approach, with CTT Express focusing on B2C services and DHL eCommerce Spain handling B2B operations.
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